Mr Macfarlane was most recently chairman and chief executive of Deutsche Bank Australia and New Zealand.
He was also a member of the Global Banking Executive Committee and co-chair of the Asia Pacific Executive Management Committee.
ANZ chairman John Morschel said he was pleased Mr Macfarlane is joining the ANZ board.
“The depth of his banking experience in ANZ’s key markets in Australia, New Zealand and Asia-Pacific will further strengthen the board,” said Mr Morschel.
He also thanked Mr Hay for his five years of service.
“Peter has indicated that the time demands he faces in his role as chairman of Newcrest and his other non-executive director roles has led to his decision to retire as a director of ANZ,” said Mr Morschel.
“On behalf of the ANZ directors and shareholders I wish to thank him for his service and counsel.”
