Belfast Telegraph

Allied Irish chief to quit after getting bank on track

By Ailish O'Hara

Allied Irish Banks chief executive David Duffy is to step down to pursue a new career overseas at Clydesdale Bank.

He will remain at the First Trust parent bank as chief executive and executive director until a successor is appointed.

Mr Duffy said: "The bank is well positioned to contribute to Irish economic recovery and to serve customer needs.

"Having returned to profitability, received approval of the bank's restructuring plan and passed the recent ECB (European Central Bank)/EBA (European Banking Authority) comprehensive assessment, I believe now is the right time for a new CEO to lead the bank through the next phase of its recovery and growth and a multi-year process of returning capital to the Irish state," he said.

Mr Duffy initially joined the state-owned bank on a three-year contract which was due to finish at the end of last year but he signed another contract.

He succeeded David Hodgkinson and has worked at ING, Goldman Sachs and Standard Life.

During his watch, AIB returned to profit last year - its first since the crash.

The bank reported profit before tax of €437m (£335m) compared with a loss of more than €800m (£613m) in the same period in 2013.

Michael Noonan, the Republic's Minister for Finance, said the outlook for the bank "is very positive" and he praised Mr Duffy for his work there.

"Given the significant progress made by AIB under Mr Duffy's executive leadership I extend my thanks to him for his professionalism and vigour in the role and wish him continued success," he said.

'I am very sorry to see David leave AIB. During David's tenure as chief executive the bank has been transformed from an organisation in difficulty to one which returned to profit in the first half of 2014 and which is well positioned to deliver on its strategic objectives to customers and shareholders," said Richard Pym, AIB chairman.

Belfast Telegraph