SYDNEY/BENGALURU – Global banking giant HSBC has announced the appointment of Steve Hughes as the new Chief Executive Officer (CEO) and head of Banking for Australia and New Zealand, effective January 1, 2026. Hughes, who has been with HSBC since 2015, currently leads the wholesale banking division in the region, a role he has held since January 2023.

Hughes brings over two decades of experience in international banking, having previously served at The Royal Bank of Scotland, where he specialized in global banking operations and financial services strategy. His appointment is part of HSBC’s continued focus on strengthening leadership and expanding its banking operations across the Asia-Pacific region.

Transition of Leadership

Antony Shaw, who has served as CEO of HSBC Australia and New Zealand since September 2022, will step down by the end of the year. Shaw, a seasoned banker with more than 30 years of experience in both local and international institutions, will transition to a new role within HSBC, which will be announced at a later date.

HSBC stated that Hughes’ leadership will focus on driving growth in corporate and wholesale banking, enhancing customer experience, and navigating the evolving regulatory and economic landscape in Australia and New Zealand. His deep expertise in international finance and banking operations is expected to reinforce HSBC’s position in the highly competitive regional banking sector.

HSBC’s Strategic Focus in the Region

The appointment comes as HSBC aims to strengthen its presence in the Asia-Pacific market, focusing on innovation, sustainability, and digital banking solutions. By placing an experienced leader like Hughes at the helm, the bank seeks to accelerate growth in key sectors, including corporate banking, trade finance, and cross-border financial services.

Hughes’ role will be pivotal in guiding HSBC Australia and New Zealand through a period of transformation, ensuring alignment with the group’s global strategy while addressing local market dynamics.