AIB picks Duffy as new chief

Allied Irish Banks has appointed David Duffy, a former senior executive at Standard Bank and ING, as its new chief executive with a salary capped at €500,000. AIB, effectively nationalised late last year, has been searching for a new chief for a year. Ireland's ministry of finance said Duffy was on a fixed contract of three years with an option to renew for up to a further three years.