ANZ New Zealand CEO Antonia Watson to step down after 7 Years in top role

ANZ New Zealand CEO Antonia Watson is retiring from her position on 30 September following a 17-year career with the bank, almost seven of which were as the bank's chief executive. The bank has named Chief Risk Officer Ben Kelleher as the new CEO, pending regulatory approval.

The appointment comes after a leadership change at New Zealand's biggest bank, which is an important division of Australia and New Zealand Banking Group.

ANZ's business in New Zealand is the bank's second-largest source of profit after Australia and it offers a full suite of banking, home loan, investment, and financial management services to homes, businesses and agricultural businesses across New Zealand.

Leadership Change comes on the back of Strong Performance

The change of leadership follows the announcement by ANZ New Zealand of NZ$1.238 billion cash net profit after tax for the six months ended 31 March 2026, customer deposits rising 4% throughout the period and net loans and advances up by 2%.

ANZ New Zealand also reported total capital of more than NZ$19 billion, at 17.1%, above the Reserve Bank of New Zealand's minimum of 14.5% capital ratio for lenders.

The figures, which place ANZ among the most heavily capitalised major banks operating in New Zealand, come on the back of a very strong year for all of the country's major banks.

Watson has been CEO since 2019, prior to that serving as chief financial officer for three years and overseeing ANZ's retail and business banking divisions for four. Her tenure included the period of the pandemic and rising interest rates in Australia and New Zealand and a changing regulatory environment for the banks throughout Australia and New Zealand.

Australian banks continue to dominate New Zealand's banking system

The transition occurs at a time when Australian banks continue to dominate New Zealand's banking system, with data from the Reserve Bank of New Zealand indicating that ANZ, ASB, BNZ and Westpac collectively account for around 84% of all lending in the banking system.

Kelleher has worked for ANZ for more than two years as Chief Risk Officer and previously ran ANZ's personal banking business in New Zealand, as well as senior positions in the bank's strategy and private banking divisions.

ANZ New Zealand Chair Scott St John said Watson had successfully guided the bank through a "significant period of economic and regulatory change" and "maintained consistent business performance" throughout her tenure. St John also stated that Kelleher, with "significant experience across risk, consumer banking, strategy and digital capabilities", was well-placed to lead the bank through its next phase.

This move marks a significant leadership transition for one of the region's largest banking groups and will be important to both Australian and US business audiences as global banking becomes more complex. The move occurs in the wake of tightened capital requirements, more onerous compliance measures and a sluggish economy worldwide.

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