Permanent TSB has appointed former cable TV executive Mark Coan as group commercial director.

Mr Coan will have responsibility for product development, and PTSB’s brand and marketing activities across both traditional and digital channels. This is a newly-created position at executive committee level within the bank.

He previously worked here for almost 16 years with cable TV and telecoms provider Virgin Media (previously known as UPC and NTL), latterly as vice president of consumer. Other roles included product development, sales and marketing, and digital.

Before that, Mr Coan had spent five years with Mercury Communications in London. His LinkedIn profile states that “after leading the growth agenda at Virgin Ireland for over a decade, I’m now helping drive Irish bank Permanent TSB’s commercial strategy and performance”.

His appointment comes just days after Niall O’Grady, who heads PTSB’s product management unit, announced his intention to leave after 17 years with the business.

Mr O’Grady, who has held a number of commercial roles with the bank, is to stay until early next year to complete some projects for the institution before leaving to pursue other career opportunities.

Commenting on Mr Coan's appointment, PTSB chief executive Jeremy Masding said: "In July, we announced the group's historic first return to profitability since the financial crash. As we said then, having secured the financial viability of the group, the challenge now is to reinvigorate our commercial offering to ensure that we lay the foundations for sustainable profitability and growth long into the future.

“We believe that Mark is the right candidate to lead that process across both our traditional and digital channels and we are delighted that he is joining us.”

PTSB is 75 per cent State owned having being part of a €4 billion bailout of the former Irish Life & Permanent.