Permanent TSB has appointed Shane O’Sullivan to the new position of group director of operations. His role will include responsibility for its banking operations, asset management unit (AMU), Open24 service centre, anti money laundering unit and other “key activities”.

He was previously managing director of PTSB’s AMU division, which is responsible for managing the bank’s large portfolio of non-performing loans.

Commercial agenda

Commenting on the appointment, PTSB's chief executive Jeremy Masding, said: "This is about the commercial agenda and ensuring that we are structured internally to service it most effectively. Shane established and managed the AMU with great success over the past five years and is perfectly placed to manage this key new function in the years ahead."

Mr O'Sullivan has been with PTSB since 2000. He previously worked with Bank of Ireland, Ulster Bank and global financial institution HSBC.

PTSB was bailed out by Irish taxpayers in 2011 and is currently 75 per cent State owned.