LONDON, May 17 (Reuters) - Allied Irish Banks will remodel itself as a single business and is reshuffling its top management in preparation for its role as one of just two main lenders in a restructured Irish banking system.
AIB, effectively nationalised after accepting billions in government aid to plug capital shortfalls exposed by the financial crisis, will operate as a single bank instead of a collection of separate businesses, it said on Tuesday.
The new structure will be based around three customer-focused divisions and will also include a 'non core' unit tasked with managing, and in some cases selling, unwanted assets.
'This is the most challenging change programme AIB has ever undertaken,' AIB Executive Chairman David Hodgkinson said in a statement.
AIB shares were up 4.6 percent at 0.2 euros by 1410 GMT, outperforming a 0.2 percent rise for the wider Dublin stock market.
As part of AIB's management reshuffle, Chief Financial Officer Bernard Byrne will become director of personal and business banking and will be replaced on an interim basis by Paul Stanley, currently group financial controller.
Jerry McCrohan, AIB's head of capital markets, takes over as director of corporate and institutional and commercial banking, while Peter Spratt, a partner at auditors PricewaterhouseCoopers , becomes head of the non core unit.
PwC director Stephen Bell becomes acting chief risk officer, while Joe O'Connor continues as chief credit officer.
AIB, in the process of merging with the EBS building society, is to become one of just two core lenders under a reorganisation of the banking sector unveiled by the Irish government last month.
(Reporting by Myles Neligan; Editing by Paul Hoskins) Keywords: AIB/ (myles.neligan@thomsonreuters.com; +44 207 542 13 73) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
AIB, effectively nationalised after accepting billions in government aid to plug capital shortfalls exposed by the financial crisis, will operate as a single bank instead of a collection of separate businesses, it said on Tuesday.
The new structure will be based around three customer-focused divisions and will also include a 'non core' unit tasked with managing, and in some cases selling, unwanted assets.
'This is the most challenging change programme AIB has ever undertaken,' AIB Executive Chairman David Hodgkinson said in a statement.
AIB shares were up 4.6 percent at 0.2 euros by 1410 GMT, outperforming a 0.2 percent rise for the wider Dublin stock market.
As part of AIB's management reshuffle, Chief Financial Officer Bernard Byrne will become director of personal and business banking and will be replaced on an interim basis by Paul Stanley, currently group financial controller.
Jerry McCrohan, AIB's head of capital markets, takes over as director of corporate and institutional and commercial banking, while Peter Spratt, a partner at auditors PricewaterhouseCoopers , becomes head of the non core unit.
PwC director Stephen Bell becomes acting chief risk officer, while Joe O'Connor continues as chief credit officer.
AIB, in the process of merging with the EBS building society, is to become one of just two core lenders under a reorganisation of the banking sector unveiled by the Irish government last month.
(Reporting by Myles Neligan; Editing by Paul Hoskins) Keywords: AIB/ (myles.neligan@thomsonreuters.com; +44 207 542 13 73) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.