Wellington, Sept 13 NZPA - ANZ National Bank in New Zealand has appointed David Hisco as chief executive officer effective immediately, replacing Jenny Fagg.

Mr Hisco was based in Melbourne as ANZ's group managing director commercial for Australia, and will remain a member of the ANZ management board and global head of commercial banking.

His appointment, which is subject to regulatory approval, follows last month's announcement that Ms Fagg would step down and was to undergo treatment for cancer.

"We're very pleased to have someone of David's experience and seniority within the ANZ Group to lead the business in New Zealand," ANZ National Bank chairman Sir Dryden Spring said.

"Importantly, David's lived and worked in New Zealand and he knows many of our New Zealand staff and customers.

"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."

NZPA WGT pmm nb