AIB’s chief executive is to take up a new position with the National Australian Bank’s Clydesdale Bank in Britain.
NAB announced that David Duffy would fill the vacancy of CEO with struggling Clydesdale Bank in the next few months.
Clydesdale Bank has reported a dismal few years of business, resulting in NAB seriously considering withdrawing from the British market.
In October of last year, NAB announced that an exit from the British market would be an “absolute priority”.
Following on from this, Duffy will be in the difficult position of attracting investment in order to ensure the survival of the bank.
Due to the institution’s underperformance, this will be an arduous task.
However, Duffy comes with strong recommendation from Allied Irish Bank – returning the institution to profit since taking the reins in 2011.
The announcement comes just a week after the Irish government appointed advisers to kick off the sale of its AIB shares.
AIB is currently 99 per cent state owned.
