Bank of Ireland has announced the appointment of Akshaya Bhargava as its new chairman and governor, replacing Patrick Kennedy upon his departure at the start of 2025.
Mr Bhargava, who joined the bank’s board in January as a non-executive director, has served in senior positions at US financial services group State Street and Citibank among others. Born in India, he has resided in the UK since 1993 where he also served as chief executive of Barclays’ wealth and investment management business from 2014 to 2017.
Mr Bhargava is also executive chairman of Bridgeweave, a fintech firm he founded in 2018 that provides research and investment advice to equity investors.
He will take up the role on January 1st, 2025, Bank of Ireland said, replacing Mr Kennedy, who announced his retirement earlier this year after 14 years on the bank’s board and six years as chairman and governor.
“Akshaya combines a depth of financial services and fintech experience with strength of leadership and an entrepreneurial mindset,” said Richard Goulding, deputy chairman of Bank of Ireland. “These qualities will be of great benefit to Bank of Ireland, as it works to complete its current strategic cycle and looks to the years ahead in what is a fast-evolving sector.”
“I would also like to thank Patrick Kennedy for his exceptional leadership since taking on the position of chair and governor in 2018, and for his service on the board since 2010,” he said. “Under Patrick’s leadership, the group has returned to full private ownership, completed a number of transformative acquisitions, and demonstrably strengthened its strategic and financial position including investor returns.”
In its 2023 annual report, the bank said it planned to increase the fee for the role from €394,000, where it has stood since 2009, to help it “attract a candidate with the appropriate experience and expertise”.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
