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ANZ Bank chief Shayne Elliott to chair Australian Bankers' Association

ANZ Bank chief executive Shayne Elliott (pictured) will succeed NAB's Andrew Thorburn as the next chair of the Australian Bankers' Association. Photo: Andrew Meares ANZ Bank chief executive Shayne Elliott (pictured) will succeed NAB's Andrew Thorburn as the next chair of the Australian Bankers' Association. Photo: Andrew Meares

ANZ Bank chief executive Shayne Elliott is set to become the next chairman of the Australian Bankers' Association, after the Commonwealth Bank's turn at chairing the lobby group was bypassed due to uncertainty over its internal leadership.

The ABA announced Mr Elliott's appointment, which is rotated among the country's big four bank's chief executives, on Tuesday.

The appointment comes as banks attempt to rebuild public trust, amid fierce political scrutiny including the promise of a royal commission if Labor wins the next federal election.

While it had been CBA's turn to provide the ABA's next chair, the bank has not yet settled on a replacement for Ian Narev, who is set to retire by the end of this financial year.

There had been some discussion about breaking with convention and appointing a boss from a smaller bank, but ABA chief executive Anna Bligh said it had opted for Mr Elliott, who had been next in line as chair of the peak body after CBA's chief, for the sake of continuity.

"There are a number of reviews and reforms to be introduced in the coming year, so consistency is important. I am looking forward to working closely with Mr Elliott in his new role," Ms Bligh said.

Mr Elliott has run ANZ since early 2016, and during that time he has overseen moves to sell off parts of its Asian business, while attempting to beef up its digital offering to customers.

Mr Elliott took a more conciliatory approach in dealing with the federal government after it announced a bank tax in the budget earlier this year, though he also led a fierce backlash against South Australia's government when it proposed its own bank tax.

"I look forward to making a positive and progressive contribution as the industry continues with the important task of delivering sustained change which delivers better outcomes for customers and helps rebuild our reputation," Mr Elliott said.

Mr Elliott will take over from National Australia Bank chief Andrew Thorburn, who chaired the ABA for the last two years.

During that time, the ABA has launched a series of initiatives designed to rebuild trust, including moves to cut back sales targets among frontline staff, beef up protection for whistleblowers, and improve their handling of customers complaints.

This story was found at: http://www.smh.com.au
Author: Clancy Yeates
Last modified onTuesday, 17 October 2017 21:45

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