Both ACC and TSB have taken steps to free up their chief executives to work on the merger and flotation process which will see the merged bank take a listing on the stock market next May. TSB Bank has announced the appointment of assistant chief executive Mr Jim Maher as acting chief operating officer. This will enable Mr Harry Lorton, chief executive designate of the merged operation, to concentrate on integrating the two banks and developing the strategic direction of the merged entity. He has also been appointed as a consultant to ACC.

Meanwhile, ACC has announced that its chief executive, Mr John McCloskey, has relinquished his position to work full-time on the merger and flotation process. Mr Colm Darling, head of corporate banking and treasury at ACC, will become acting chief operating officer.