Higgins to lead Bank of Scotland (Ireland)

BANK OF Scotland (Ireland) has appointed Joe Higgins, a former chief operating officer at the bank, to replace chief executive Mark Duffy, who is stepping down after 16 years at the lender.

Mr Duffy said in a statement from the bank that the sale of its parent bank, HBOS, to Lloyds TSB and the completion of the roll-out of the Irish retail branch network, Halifax, offered “a natural point at which to leave and to afford the group a smooth transition”.

There was “no story or big reason” behind his departure – “just a personal desire to take some leave and do something else”.

The bank’s chairman, Maurice Pratt, said Mr Duffy had been in discussions with the bank about leaving since the end of last year.

Mr Duffy told The Irish Timesthat, after 16 years with the bank, he had sought a change of position last August. He was offered a role with HBOS based in London that would have involved extensive travel, but he declined to take it for personal reasons.

It is understood Mr Duffy will receive a multi-million euro payment on his departure.

Mr Duffy declined to say what new position he would be assuming after leaving the bank in early April. It is understood he has received a number of offers from rival financial institutions.

Senior banking sources have linked Mr Duffy to the post of chief executive at Irish Life Permanent, which was made vacant eight days ago following the resignation of Denis Casey. It is believed Mr Duffy has also had an approach to take over as chief executive of another Irish financial institution.

However, the sources ruled him out as a potential successor to Brian Goggin, who will step down as chief executive of Bank of Ireland within the next three weeks, or the vacant chief executive post at Anglo Irish Bank, which is being filled in an acting capacity by executive chairman Donal O’Connor.

Anglo Irish has deferred the appointment of a chief executive.

It is believed Mr Duffy has also been approached to head up a possible bad bank which could be created by the Government with the toxic property loans from six guaranteed Irish-owned lenders.

A native of Co Tyrone, Mr Higgins takes charge at Bank of Scotland (Ireland) from his current position as head of UK mortgage lending at HBOS. He has held a number of roles at Bank of Scotland (Ireland), including finance director and head of asset finance.