BoI business banking bolstered by new posts
Published 08/03/2010 | 05:00
Bank of Ireland has temporarily lifted a hiring freeze to find 20 new portfolio managers for its business banking unit.
Mark Cunningham, who was appointed director of business banking last summer having previously headed up BoI private banking, has overhauled his executive team in recent months.
Michael Lauhoff, formerly a regional bank manager, has been put in charge of small business and agriculture; Michael O'Grady is now heading up strategy and governance; and Denis McArdle manages lending to medium-sized firms.
Mr Cunningham has also put 50 senior bankers in charge of working closely with customers dealing with the recession. Debt restructuring has been a key focus of this team.
A spokesperson for the bank said the new hires were aimed at helping to drive growth of the business banking -- mainly in Dublin, but also in other major cities. The manufacturing, trading and export sectors are the three key segments the bank wants to grow, she said.
BoI pledged to increase lending capacity to small- and medium-sized enterprises (SMEs) by 10pc under its state recapitalisation agreement last year.
The spokesperson said the group extended €1.8bn of new credit up to last November to non-property-related SMEs.
A report published by consultants Mazars last December into SME lending in Ireland found that industry-wide loans out to the sector fell by 2.6pc to €32.7bn between February and September last year.