ANZ Group Holdings Ltd.’s new chief executive officer will face a long list of challenges when he takes up his role at Australia’s second-largest lender by assets next July.

The succession means three of the country’s four major banks will have appointed new chief executives this year. The Portuguese banker will start on July 3.

ANZ Chairman Paul O’Sullivan has announced Nuno Matos (pictured above left) as the bank’s new CEO. Matos will succeed Shayne Elliott (pictured above right) in July 2025. Matos, a seasoned banker with over three decades of global experience, has led retail, wholesale, and commercial operations across multiple markets.

ANZ has shunned two leading internal leadership candidates amid its lingering scandal, with the banking major appointing outside candidate and Portuguese banker Nuno Matos to the top job.