Former PM John Key gets promoted to Australian bank job

Wednesday, 28 February 2018

Former prime minister John Key has been promoted on to the board of ANZ Group.

He has chaired the board of its New Zealand subsidiary since January.

In a statement to the Australian stock exchange, the bank's chairman David Gonski said Key had the ideal credentials to join the Australian parent bank's board.

'Our New Zealand business has already benefited from his significant experience and I know he will make a valuable contribution to the ongoing success of the broader group.'

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The appointment takes effect immediately although Key will have to stand for election at the annual meeting on December 19.

He joined the local bank's board in October last year before being promoted to chair it.

Before his political career, Key worked in financial markets and was head of foreign exchange at investment bank Merrill Lynch.

ANZ highlighted the honours he has received - he was knighted in the 2017 Queen's Birthday Honours and is also the recipient of the Companion of the Order of Australia for his work on the bilateral relationship between the two countries.

At the time of his New Zealand appointment, commentators said it was likely he would move on to a role with the group.

Key's experience and financial skills would be valuable to the bank, banking commentator David Tripe said.  He would bring credibility.

'He will be reasonably well-connected and people will listen to what he has to say and will be keen to meet him,' Tripe said at the time. 'He should also have governance skills and experience and should have some independence of thought in relation to the management of the bank.'