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ANZ appoints CFO

ANZ has promoted an institutional executive to chief financial officer, to commence from October.

Farhan Faruqi has taken the CFO role, after seven years with the big four bank.

Currently, he is group executive, international, where is responsible for ANZ’s institutional business in 19 markets across Asia, Europe, Middle East and the US.

Mr Faruqi will succeed CFO Shane Buggle, who is departing ANZ in October, ending a 25-year tenure with the bank.

Prior to joining ANZ, Mr Faruqi had held senior banking roles at Citigroup, including head of Citi’s corporate and investment bank in Asia Pacific, as well as its global loans and capital markets business in the region. He had also been country officer for a number of countries across Africa and Europe.

In the ANZ CFO position, Mr Faruqi will be held responsible for all aspects of the group’s finance, as well as Treasury, mergers and acquisitions and investor relations. He will remain a member of the group executive committee.

ANZ chief executive Shayne Elliott commented that Mr Faruqi had played a “crucial role in the reshaping of ANZ’s institutional and international business”.

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“I’m confident his strong financial acumen, strategic insight and fresh thinking will be of great benefit to our shareholders and our customers,” Mr Elliott said.

Mr Faruqi added: “I want to thank the international team for their outstanding effort over the past few years in reshaping the international business.

“While I will miss them, I look forward to being part of their future success, albeit from a different vantage point, as we build on profitable growth in our target segments across the bank.”

On Mr Buggle’s exit, Mr Elliott said he had done an “outstanding job since stepping in as CFO earlier this year”.

[Related: AMP hires retirement solutions head]

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