Permanent TSB's (PTSB) chief risk officer Mike Frawley has quit to take on the same role in larger rival AIB.

The Cork native joined PTSB in late 2018, having spent almost two decades with HSBC in the UK, Asia and the Americas.

Mr Frawley will join AIB later this year, succeeding Deirdre Hannigan who confirmed last year that she would be retiring at the end of June 2022. He has stepped down from PTSB's board with immediate effect but will remain with the business for some months.

"I am delighted that Michael is joining AIB in what is a critical function for us," said AIB chief executive Colin Hunt. "He will bring a wealth of diverse risk management, commercial and leadership experience to AIB and we look forward to welcoming him to our executive committee.''