David Duffy is stepping down as the chief executive of Allied Irish Banks (AIB) to head the struggling UK business of National Australia Bank (NAB).
Duffy joined AIB at the end of 2011, having formerly served as a senior executive at South Africa’s Standard Bank International and Dutch lender ING.
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He oversaw a cost-cutting drive that involved closing of branches, slashing AIB’s workforce by nearly 20%, and reducing salaries by up to 15%.
Duffy said, "Having returned to profitability, received approval of the bank’s restructuring plan and passed the recent ECB/EBA 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."
Last October, NAB announced plans to exit from the UK market to focus on its core Australian and New Zealand markets.
The bank said that it was considering options for sale or initial public offering of the business which suffered on account of bad property loans, claims of mis-selling of payment protection insurance as well as interest rate hedging products.
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By GlobalDataMeanwhile, David Thorburn, who ran NAB for about four years, announced earlier this month that he was stepping aside to allow a new leadership for the bank.
