Tuesday 20 August 2019

Appointment of CEO cements north-south split by Ulster Bank

Gerry Mallon is a chairman of the Irish Football Association
Gerry Mallon is a chairman of the Irish Football Association
Donal O'Donovan

Donal O'Donovan

Ulster Bank has cemented the deepening split between its operations on either side of the border with the appointment of Gerry Mallon as chief executive officer (CEO) for the Republic of Ireland only.

Mr Mallon joins from Danske Bank in Northern Ireland, which he has headed since 2008.

Previous Ulster Bank CEOs including the recently departed Jim Brown were responsible for the bank's operations in both the Republic and in Northern Ireland, although the bank has long been overseen by two separate boards.

Under an operational division formalised in October, Ulster Bank's Northern Ireland business is now headed up by Richard Donnan, who reports to managers at parent Royal Bank of Scotland (RBS) in the UK.

As Ulster Bank chief executive, Gerry Mallon will be responsible for the bank's operations in the Republic, including a balance sheet of around €25bn and more than 3,000 staff.

His appointment will be effective from June 2016.

The Northern Ireland native, who is in his 40s and married with children, has been Danske Bank's Northern Ireland CEO since 2008. He is also currently President of the Institute of Banking in Ireland. He is also a board member and chairman of the Irish Football Association.

Prior to joining Danske Bank he held a number of positions at Bank of Ireland, management consultants McKinsey & Company and the Industrial Development Board for Northern Ireland and the Northern Ireland civil service.

Ulster Bank's chief financial officer, Paul Stanley, has been interim CEO since the recent departure of Jim Brown to run new UK lender Glyn and Williams, which is being spun out of RBS.

Mr Stanley will revert to his finance role next June.

At Danske Bank Gerry Mallon will be replaced by his deputy, Kevin Kingston, who joined that lender from Ulster Bank in 2008.

Commenting on the appointment, Ulster Bank chairman Philip Nolan said: "We are delighted that Gerry has agreed to join us as chief executive of Ulster Bank in the Republic of Ireland."

He added: "I would like to take this opportunity to thank Paul Stanley for his ongoing commitment in leading the bank as interim chief executive."

Irish Independent

Also in Business