Former UDC boss David Hisco takes ANZ CEO role

Former UDC boss David Hisco takes ANZ CEO role

ANZ has appointed David Hisco, a 30-year veteran of the group and former managing director of UDC, to replace Jenny Fagg as New Zealand CEO.

Fagg stepped down late last month to undergo treatment for cancer. ANZ said today her treatment was progressing well. Deputy chief executive Steven Fyfe was initially appointed acting chief executive when Fagg stepped down. ANZ said Hisco would remain a member of the ANZ Management Board and its global head of commercial banking.

Read ANZ's statement below:

The Board of ANZ National Bank today announced the appointment of David Hisco as Chief Executive Officer effective immediately. Mr Hisco will remain a member of the ANZ Management Board and Global Head of Commercial Banking.

Previously Mr Hisco was ANZ Group Managing Director Commercial for Australia based in Melbourne. During his 30-year career at ANZ Mr Hisco has held a number of senior executive roles in retail and commercial banking including Managing Director of UDC in New Zealand between 1998 and 2000. Mr Hisco’s appointment, which is subject to regulatory approval, follows the recent announcement that Jenny Fagg would step down as Chief Executive.

The Chairman of ANZ National Bank Sir Dryden Spring said: “We’re very pleased to have someone of David’s experience and seniority within the ANZ Group to lead the business in New Zealand. Importantly, David’s lived and worked in New Zealand and he knows many of our New Zealand staff and customers.

“David is also a strong replacement for Jenny Fagg. We understand her treatment is progressing well and I know she’s been buoyed by the support she’s received from her friends and colleagues here in New Zealand,” Sir Dryden said.

Commenting in Wellington today on his appointment Mr Hisco said: “It’s a great privilege to have the opportunity to come back to New Zealand and lead ANZ here. “We’re New Zealand’s oldest and largest banking organisation and have a relationship with nearly one in every two Kiwis – more than any other bank. That’s a great foundation for our business and in a highly competitive environment we need to continue working hard to provide our customers with an even better experience.

“The Canterbury earthquake and aftershocks are a reminder that our role also comes with significant responsibility. I’m proud of the way our staff have responded to support the many people facing difficulty and of the range of assistance measures we’ve put in place to support our customers that have been affected. We’ll continue to review this to ensure we are doing as much as we can to support our customers, our staff and the community as the clean-up and recovery continues,” Mr Hisco said.

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Great...  another tithead from Australia running a NZ bank.....  2 years running UDC does not qualify one for understanding the NZ banking market or NZ customers at all....