Bank of Ireland's UK chief executive is stepping down from his role after securing the top job at subprime lender Provident Financial. Ian McLaughlin has been at the helm of the Irish bank in Britain since 2019.
Bank of Ireland is headquartered in Dublin, but the organisation employs thousands of UK staff including 900 in Bristol as well in Belfast and London.
Mr McLaughlin, who previously worked as a director at the Royal Bank of Scotland, will remain in the top job until later this year, when he will take over from Provident Financial's Malcolm Le May, who is leaving after five years in the role.
The announcement comes as Bradford-based Provident confirmed it would ditching its 140-year-old moniker and rename itself Vanquis Banking Group from March.
Myles O’Grady, chief executive of the Bank of Ireland Group, said: “I would like to thank Ian for his strong track record as CEO of Bank of Ireland UK, where he has been pivotal in the design and execution of strategy. Under his leadership our UK business has been significantly transformed. I would like to thank him for his commitment and dedication in his role as CEO since 2019.”
The Bank of Ireland has started an internal and external recruitment process to look for Mr McLaughlin's replacement, it said.
Peter Herbert, chair of Bank of Ireland UK, added: “Ian has been instrumental in delivering a step-change in the performance of Bank of Ireland UK. During his time in role he has also strengthened the leadership team of the bank. On behalf of the entire board, I would like to wish him every success in his next role.”
During the pandemic, Mr McLaughlin told BusinessLive the bank would not force staff to go back into the office or be returning to the "usual" nine-to-five working hours. When asked if Covid could lead to the downsizing of its offices, Mr McLaughlin said at the time there were currently no plans to do anything, but admitted "that could change" in future.
Last month, the Bank of Ireland increased its income growth expectations as the European Central Bank hiked interest rates amid soaring inflation.
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