In a statement, the major bank announced Ms George will replace Graham Hodges when he retires in early May.
Ms George will take on the new position in addition to her current role, and will continue to lead ANZ's divestment of OnePath as well as maintaining key relationships with the bank's wealth product partners.
The new role will see her assume responsibility for ANZ's service centres and work with chief executive Shayne Elliott on company-wide initiatives.
Ms George joined the major bank five years ago as the managing director for insurance and stepped into her current role as group executive for wealth in 2016.
She joined ANZ after her time at ING Czech Republic and Slovakia initially as regional chief operational officer for Asia, and later chief executive.
The statement also announced ANZ managing director of business and private banking Mark Hand had been appointed to the role of group executive for Australian business and private banking.
In his new role, he will be responsible for building the bank's capacity to serve Australian clients who want to start or grow a business.
Mr Hand has held senior roles in business, retail banking, credit management and internal audit at ANZ since 1988 and is currently the chair of the major bank's Diversity Council.
Commenting on the appointments, Mr Elliott said: "With the retirement of Graham Hodges after a long and distinguished career with ANZ, I’m pleased to be able to appoint two executives with broad experience from within to critical roles at an important time in ANZ’s transformation.
“Alexis’s appointment as deputy CEO is testament to her strong leadership across the bank and the work she has done to simplify our wealth businesses in Australia," he said.
"She has significant international experience in managing the operations of large, complex businesses and will make a valuable contribution as we continue to improve engagement with government, regulators and of course our people."
Mr Elliott added that Mr Hand's "deep corporate network" would be a "benefit" to the bank.
"I’m confident Mark will be a strong champion of Australian business owners at our executive committee.
"I also look forward to him continuing his work in advocating for our people, particularly in the space of diversity and inclusion," Mr Elliott concluded.
