Once EU gives approval, troubled bank will emerge with new name

ANGLO Irish Bank will re-emerge under a new name and business model, if and when its restructuring plan is approved by the European Commission.

“The new bank will have to be re-branded in order to emphasise the fact that it is a different animal,” Anglo’s non-executive chairman, Alan Dukes told the Joint Oireachtas Committee on Finance and Public Service, yesterday.

Mr Dukes – who formally took over as Anglo chairman this week – said that there were no plans for the bank to become a mutual or retail bank, “as both would have significant costs”, but that its new form would be “a medium-sized commercial bank”.