ANZ's chair, David Gonski started out yesterday's investor briefing on the selection of Shayne Elliott (pictured) as CEO by saying the board "wanted someone who knew ANZ well." Now why was that, given the context of the bank's complex and still only moderately successful Asian expansion (the strategic hallmark of the Mike Smith era)?No great search seems to have been made for some modern day clone of Smith, an executive dripping in connections and experience in Asia, while also exhibiting an abundance of industry competence and the confidence to speak his mind.Elliott has had six years or so to internalise and help improve the ANZ culture, first running the institutional bank as one of Smith's early hires before being shuffled sideways as chief financial officer, making way for a more experienced Asia hand in Alex Thursby.Insider insight into the idiosyncrasies of ANZ, and how to get things done, outweighed the need for deeper Asian connections in this executive selection.The appointment of the bank's CFO as ANZ CEO seems a pretty conservative choice. Elliott's comments yesterday on focusing on allocation of capital in Asia suggests the strategy will be unchanged but there will be less investment and more emphasis on getting a return.In the domestic franchises Elliott might unwind one aspect of Smith's thinking.Under Smith's predecessor, John McFarlane, there was a focus on customer satisfaction, banking awards and related measures. ANZ was the highest rated bank in the Roy Morgan survey for many years, but under Smith few of those metrics seemed to matter and the bank has rated last among the big banks in the Morgan survey for a couple of years.