Antonia Watson has retired as chief executive of ANZ New Zealand following a 17-year career with the bank, including seven years leading the organisation through a period marked by significant challenges and change. Watson stepped down this month, handing over the reins amid a dynamic backdrop shaped by the Covid-19 pandemic, multiple recessions, extreme weather events, ongoing regulatory shifts, technological advances, and geopolitical tensions impacting global financial markets.
During her tenure, ANZ New Zealand managed $216.1 billion in total assets as of June 30, 2026, maintaining a steady performance in an evolving economic landscape. Between 2020 and 2025, ANZ recorded cumulative net interest income of $23.8 billion and a net profit after tax of $12.7 billion, with total assets increasing by $30.2 billion over the period despite higher capital requirements and funding costs.
Watson, 56, credited the bank’s 7,000 staff for these results, emphasizing the collective effort rather than personal achievement. Industry leaders acknowledged her steady leadership. Steve Jurkovich, chief executive of Kiwibank, described her as an influential figure during a time of significant banking transformation, while ASB Bank chief Vittoria Shortt noted her calming presence following the departure of predecessor David Hisco. Westpac chief executive Catherine McGrath highlighted Watson’s commitment to combatting fraud and scams within the sector, a view echoed by New Zealand Banking Association chief executive Roger Beaumont who praised her blend of intelligence, consideration, and warmth.
One of Watson’s biggest challenges was managing technological evolution at the bank, particularly relating to fraud and emerging threats. Under her leadership, ANZ advanced initiatives such as open banking, confirming payee capability, and fraud intelligence sharing—moves she credited as significant benefits for customers and the wider industry. Over the past three years, ANZ has invested approximately NZ$1.6 billion in technology and systems, accounting for roughly 30% of its annual operating costs.
Watson also contended with the bank’s public profile, adapting to her role as a prominent figure representing one of New Zealand’s largest financial institutions. She often engaged directly with customers across the country, visiting farms, factories, and other businesses to gain firsthand insights into how communities were managing amidst ongoing economic uncertainty, including the cost-of-living pressures that followed the pandemic and global conflicts.
Her leadership period included navigating regulatory pressures, which she described as an "ever-present burden," advocating for regulatory pauses to balance compliance demands with business priorities. She also faced reputational challenges linked to past issues, including the expenses scandal that precipitated her appointment as chief executive in 2019, and a Reserve Bank censure the same year over the bank’s use of an outdated capital model. ANZ is also contesting a potentially $125 million class-action lawsuit regarding compliance with the Credit Contracts and Consumer Finance Act, unlike rival ASB which has settled similar claims.
Looking ahead, Watson plans to transition into flexible, part-time governance roles while focusing on promoting financial literacy and education. She is set to undertake travel, including visiting the UK country estate where she and her husband were married 29 years ago—a symbolic bookend to her three-decade international career in banking. While embracing retirement, Watson signaled that stepping away entirely from professional life is unlikely, suggesting she will remain active in the financial sector in various capacities.