AIB seeking new CEO as Duffy moves to UK

AIB chief executive David Duffy is leaving the State-owned bank to take up a position with UK-based Clydesdale Bank.

The move caught market analysts by surprise. Last summer, Mr Duffy signed a permanent contract with the bank. Moreover, the Department of Finance has just hired Goldman Sachs to advise it on the part sale of AIB, which is 99.8% Government-owned.

Mr Duffy joined AIB during the height of the financial crisis in 2011. The once-largest domestic Irish bank needed a €21bn taxpayer bailout to stave off a collapse. Finance Minister Michael Noonan expects to recoup the full cost over time. The part privatisation of AIB will not be derailed by Mr Duffy’s departure, he added.