ANZ to Halt Stock Buyback as Bank CEO’s Overhaul Ramps Up

ANZ Group Holdings Ltd. will halt its stock buyback and focus on cost savings as part of changes aimed at lifting performance of the Australian lender undergoing an overhaul. 

ANZ said it will reduce duplication across the bank and will cease the remainder of around A$800 million of its share buyback, according to a statement on Monday. ANZ said it’s targeting a return on tangible equity towards 12% by the 2028 full year. They were some of the changes announced as part of a widely anticipated strategy day. 

Five months into the job, Chief Executive Officer Nuno Matos is pushing ahead with overhauling the Melbourne-based bank that’s faced regulatory penalties and an underperforming share price in recent years. He’s aiming to make the firm leaner, improve risk management and has tasked his revamped senior leadership with simplifying the bank.

So far this year, ANZ’s stock has trumped its domestic rivals, rising more than 20%. 

Matos is expected to field questions from analysts and investors later this morning together with Chief Financial Officer Farhan Faruqui. You can join us here with our live blog. 

ANZ last week installed new senior leaders to run key positions. 

Pedro Rodeia will head up the Australia retail operations after arriving from McKinsey & Co. Christine Palmer is the new group chief risk officer, coming from Banco Santander SA, while Donald Patra will take the role of chief information officer after arriving from HSBC Holdings Plc. UBS analysts said the hires were “strong,” adding that it viewed them “positively.”

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