Outgoing Credit Suisse CEO appointed to ANZ board

Chairman of ANZ Group, Paul O’Sullivan, confirmed that Mr Gibb will be joining the boards of ANZ Group Holdings Limited, Australia and New Zealand Banking Group Limited, and ANZ BH PTY LTD as a non-executive director. Mr Gibb will commence with his new role on 15 February 2024.

Mr Gibb is currently the chief executive of Credit Suisse Australia, a role he has held since 2019, and will be stepping down from the position as of 31 January 2024.

Prior to his tenure with Credit Suisse, Mr Gibb has held various roles in the banking industry including senior roles at Deutsche Bank from 2010–19 and at Merrill Lynch & Co from 1997 to 2009 as head of financial institutions and financial sponsors groups, Asia Pacific in Hong Kong.

With Deutsche Bank, Mr Gibb held the roles of co-head of corporate finance, Asia Pacific in Hong Kong; global co-head, financial institutions group in New York; and co-chief operating officer, global corporate and institutional bank in London.

Commenting on the appointment, Mr O’Sullivan said: “Richard’s extensive global banking experience will further strengthen the banking experience on the Boards and we look forward to his contribution.”

ANZ previously announced the appointment of John Cincotta as a non-executive director to the boards of ANZ Banking Group and ANZ BH PTY LTD late last year, who will also be commencing with his new role on 15 February 2024.

Mr Cincotta is set to step down from the non-executive director role at Barrenjoey Capital Partners on 31 January 2024, where he was a founder in 2019 and held the non-executive director position since 2022.

Prior to this, Mr Cincotta held senior roles with Deutsche Bank Australia and New Zealand from 1993 to 2019, including deputy CEO, chief operating officer, and chief risk officer.

Mr O’Sullivan commented on Mr Cincotta’s appointment: “John’s deep banking experience with a focus on strategy, risk, and transformation will greatly benefit the Banking boards as the Bank continues to grow and evolve.”

Mortgage growth in 2024

In the lead-up to 2024, ANZ CEO Shayne Elliott said he expected an easing of competition and highlighted that lending growth for ANZ remained robust.

“We want to grow our Australian Home Loan book profitably by continuing to offer reliable turnaround times and in line with that we are competitive, but not market-leading on pricing,” Mr Elliott said.

“Our investment in home loan processing capability and capacity and improved broker experience are providing ongoing benefits.”

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