Des Crowley, chief executive of Bank of Ireland's UK business, is to retire next year with the recruitment process to chose a successor due to commence shortly.

Mr Crowley, who has been employed by the bank for more than 30 years, has served as the head of Bank of Ireland UK operations since April 2012. He is is also a director BoI UK joint ventures with the Post Office and First Rate, and a member of the group's chief executive committee.

The banker, who also looks after the group's UK retail business, previouly held the position of chief executive of Retail Ireland and of UK Financial Services. He also serves as a director of New Ireland Assurance Company.

Bank of Ireland UK employs 1,700 people. It is the largest provider of consumer foreign exchange in the UK through its partnership with the Post Office.