Co-op Bank chair Pym to helm Allied Irish Banks

Troubled lender Co-operative Bank today said chairman Richard Pym will be standing down later this year to take the helm of Allied Irish Banks (AIB).

Pym had announced in May that he would be stepping down from his current role by the end of the year, and his departure date has now been confirmed as 1 October.

On 13 October, the former Alliance & Leicester boss will join the board as chairman designate of AIB, which was bailed out by the Irish government in 2009.

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He said: “I look forward to contributing to the progress that has already been made in re-building a strong bank.

“Irish taxpayers have made considerable sacrifices in supporting the banking system and I am very conscious of my responsibilities in that regard.”

Current AIB chairman David Hodgkinson will retire from the AIB board in December.

Co-op Bank chief executive Niall Booker said the lender, which handed control to its bondholders following the discovery of a £1.5 billion black hole in its finances, has started the search for Pym’s successor. Senior independent director Dennis Holt will act as interim chairman in the meantime.