Bank of Ireland’s UK chief to step down

Ian McLaughlin will remain in his role until later this year, Bank of Ireland said

Sarah Collins

Bank of Ireland’s UK boss is to step down to pursue an opportunity outside the group.

Ian McLaughlin has been chief executive of Bank of Ireland (UK) since December 2019, when he joined after leaving a senior role at Royal Bank of Scotland.

Mr McLaughlin also held positions at Lloyds Banking Group and Zurich Financial Services.

Bank of Ireland’s recently appointed group chief executive, Myles O’Grady, thanked Mr McLaughlin 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,” he said.

Peter Herbert, Chair of Bank of Ireland (UK) said Mr McLaughlin had been “instrumental in delivering a step-change in the performance of Bank of Ireland UK”.

“During his time in the 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.”

Mr McLaughlin will remain in his role until later this year, the bank said in a statement.

He is joining UK consumer lender Provident which is rebranding as Vanquis.

The move comes less than a year after Francesca McDonagh stepped down as CEO and director of the group for a role at lender Credit Suisse.

It also comes just months after the Government said it would lift a financial crisis-era cap on bankers’ pay.

Bank of Ireland this week imposed a second mortgage rate rise after holding out longer than most of its competitors.

Irish borrowers are set to face further rate rises after Central Bank governor Gabriel Makhlouf yesterday predicted another half-point rise in February.