Bank of Ireland today announced a major restructuring of its organisation which will separate its retail businesses in the euro and sterling zones.
The plans will lead to the creation of a new unit - Financial Services-UK - incorporating Bristol & West and retail banking Northern Ireland and Great Britain.
The consolidated business will be managed by Mr Jeff Warren, currently chief executive of Bristol & West.
The unit under Mr Brian Goggin, which currently incorporates Corporate Banking, Treasury and International Banking, Davy Stockbrokers, IBI Corporate Finance and First Rate Enterprises, is to be re-named Wholesale Financial Services and enlarged to include responsibility for private banking and for all group credit and market risk management functions.
The asset management and investment administration businesses, under Mr Willie Cotter, are unaffected.
The organisational structure within Republic of Ireland banking operations remains largely unchanged. It currently incorporates Retail Banking and Distribution, under Mr Des Crowley, and Retail Businesses, under Mr John Collins.
Mr Roy Keenan, currently managing director of Bank of Ireland Insurance and Investments, has been appointed group chief development officer and will head up a newly created office of the group chief executive.
Commenting on the changes Bank of Ireland’s chief executive Mr Mike Soden said "While retail banking remains an important core activity for the Group, a significant and growing proportion of profits is generated by non-banking activities and in international capital markets."
Mr Soden described the consolidation of Bristol & West and the Northern Ireland and British retail banking business as a "logical follow-through" to the amalgamation of the NI and GB retail banking operations.
"The enlarged business will provide a more effective platform for further growth in Britain," Mr Soden added.