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Why the ANZ (ASX:ANZ) share price is pushing higher today

This banking giant’s shares are rising again today…
The post Why the ANZ (ASX:ANZ) share price is pushing higher today appeared first on The Motley Fool Australia. –

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price is pushing higher on Wednesday.

In morning trade, the banking giant’s shares are up 1% to $29.19.

Why is the ANZ share price pushing higher today?

Today’s gain by the ANZ share price is likely to have been driven by the release of a strong full year result by rival Commonwealth Bank of Australia (ASX: CBA) this morning.

That result appears to have given investor sentiment in the banking sector a major boost, helping to drive all of the big four banks higher today.

But also potentially giving the ANZ share price a lift has been the announcement of a key appointment in the C-suite.

What did ANZ announce?

This morning ANZ announced the appointment of Farhan Faruqui as its new Chief Financial Officer.

According to the release, Mr Faruqui joined ANZ in 2014 and is currently its Group Executive International. In this position he is responsible for ANZ’s institutional business in 19 markets across Asia, Europe, Middle East and America.

Prior to joining ANZ, Mr Faruqui had an extensive international banking career at Citigroup, where he held senior roles. This includes Head of Citi’s Corporate and Investment Bank in Asia Pacific, as well as its Global Loans and Capital Markets business in the region. He was also country officer for several countries in Africa and Europe.

In his new role as ANZ’s Chief Financial Officer, Mr Faruqui will have responsibility for all aspects of Finance as well as Treasury, Mergers and Acquisitions and Investor Relations. He will remain a member of the Group Executive Committee.

ANZ’s CEO, Shayne Elliott, commented: “After a comprehensive global search, I’m pleased to be able to appoint one of our most experienced executives with a long history of delivering outstanding results in highly-complex environments to this important leadership position.”

“Farhan has played a crucial role in the re-shaping of ANZ’s institutional and international business as a critical part of our overall franchise. I’m confident his strong financial acumen, strategic insight and fresh thinking will be of great benefit to our shareholders and our customers,” he added.

The ANZ share price is now up over 26% in 2021.

The post Why the ANZ (ASX:ANZ) share price is pushing higher today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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