ANZ names a new chairman.

Australia and New Zealand Bank, one of Australia's largest banks, has announced a replacement to outgoing group chairman John Morschel.

Effective 1 May 2014, David Gonski takes the lead role at the firm, following Morschel's retirement on 30 April. The latter steps down after serving as ANZ director since 2004 and four years as chairman. Gonski was previously the chairman of the Future Fund and will be replaced by Peter Costello as acting chairman until a replacement is named.

In a previous statement, Gonski had said that he would step down from Future Fund in January, after about two years in the role, to avoid conflict of interest. He has been on the ANZ board as director since February. 

The announcement complements the company's aggressive expansion drive in the Asian region in the past months. In April alone, it has installed a new transaction banking head in Singapore and signed an expanded cooperation deal with China Development Bank. It has also opened a new branch at the Shanghai FTZ.