AIB seeks approval to name new chief executive

AIB intends to promote its retail and business unit head Bernard Byrne to the role of chief executive, and is seeking permission from regulators for the move, according to a source.

Mr Byrne’s name has been given to the ECB’s banking supervision unit for confirmation and the timing of approval is not yet clear, said the source.

The bank has been searching for a new chief executive since January, when David Duffy said he was leaving to join National Australia Bank’s Clydesdale Bank.

The new chief executive is set to lead AIB back to private ownership, with Finance Minister Michael Noonan saying in February that the Government may start selling its stake as soon as October.

AIB identified Mr Byrne, 46, as the leading internal candidate two months ago.

Mr Byrne joined AIB in 2010 as chief financial officer, after working with the ESB. He joined AIB’s board of directors in July 2011.