The chief executive of ACCBank, Fergus Murphy, has moved to the international property group, Shelbourne Development, where he is to oversee the group's projects in the US and continental Europe.

Mr Murphy has been replaced at ACCBank by Rob Hartog, who will also remain, on an interim basis, in his current position as managing director of Rabobank Ireland plc, pending the identification of a permanent replacement. ACCBank is a subsidiary of Rabobank International.

Garrett Kelleher, chairman of Shelbourne Development, said he had known Mr Murphy for more than 25 years and had followed his rise through the ranks of the international financial services community. "He will be a significant addition to our strong team in the United States and will play a key role in developing both existing and new opportunities for Shelbourne in the US and Europe."

Mr Murphy has been a senior executive with Rabobank for 13 years and most recently was head of the bank's Asia region operation, where he was responsible for 2,000 employees.

His responsibilities with Shelbourne will encompass the development of the Chicago Tower in the US, which is to be the tallest residential building in the world. Construction began in June of this year. Shelbourne Development in Ireland will continue to be led by Chris O'Connell.

Last week it was announced that Tom McAleese, the managing director of Barclays Bank Ireland, was moving to Irish investment firm Claret Capital, run by entrepreneur Domhnal Slattery.