ANZ yesterday lured HSBC lifer and head if its Asian business Michael Smith to take over as chief executive.
ANZ has hired HSBC Holdings' Asian business head Michael Smith as its chief executive.
The appointment concludes what has been an eight month search for new blood.
British born Smith, who is based in Hong Kong, will replace former ANZ chief executive John McFarlane who will leave in early October after 10 years at the helm.
Smith, who has worked at HSBC for 29 years, is president and chief executive of the Hongkong and Shanghai Banking Corporation, chairman of the Hang Seng Bank and chairman of HSBC Bank Malaysia Berhad.
He was also made global head of commercial banking for the HSBC group in 2005.
ANZ chairman Charles Goode called Smith an outstanding all-round banker.
"He brings to ANZ considerable experience of the Asian market place and a strong commercial banking background."
Smith has headed the Hongkong and Shanghai Banking Corporation and HSBC Holding's Asian business since August 2003.
It has 60,000 employees in 22 countries with total assets of $523 billion. It made a profit after tax of $10.6 billion for the year to December 2006.
The appointment of Smith signals ANZ's determination to expand into Asia and comes just weeks after the bank concluded the purchase of almost a quarter of Malaysian investment bank AMMB Holdings.
ANZ said Smith would get a $9 million signing on bonus with a base salary of $3 million a year.
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