ANZ National Bank has appointed David Hisco as its new CEO, succeeding Jenny Fagg, who recently announced his decision to step down from his post.

ANZ said that Hisco will remain a member of the management board and global head of Commercial Banking.

Previously Hisco was ANZ Group managing director Commercial for Australia. During his 30-year career at ANZ he 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.

ANZ National Bank chairman Dryden Spring said that bank is pleased to have someone of David’s experience and seniority within the ANZ Group to lead the business in New Zealand.

“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,” Spring said.