Former Lloyds director to head Bank of Ireland

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of Ireland announced yesterday that former Lloyds Banking Group executive Archie Kane is to be its next governor.

Kane retired from Lloyds last year after holding the position of group executive director for insurance and Scotland.

“Bank of Ireland has made a lot of progress in raising capital whilst remaining in private ownership,” he said. “I am looking forward to working to address the challenges and opportunities which face the Bank.”

The 60-year-old replaces Pat Molloy, who oversaw the recapitalisation of the troubled bank during the credit crunch and the sale of a 35 per cent stake to US investors led by the billionaire Wilbur Ross.