Banking executive takes plunge and goes it alone

Liam Madden has decided to leave Bank of Ireland and become what he calls a 'player manager', using his skills in a new environment, writesDominic Coyle.

Liam Madden is starting over. After 33 years in Bank of Ireland, he is preparing to put his experience to the test in the world of private business.

Few come with a more comprehensive CV, featuring most recently a stint as head of business banking for the Republic's second-largest retail bank.

After a life advising customers and helping them make a profit while protecting the bank's assets, Mr Madden is keen to see how he performs on his own account.

"I spent two-thirds of my working life with the bank and I enjoyed it immensely," he says. "I have a third left and, rather than earn a weekly salary, I want to go out and get involved in something and if the venture is successful I will share in the success."

Mr Madden has come a long way from the Limerick boy who joined Bank of Ireland straight from school - and the road has not always gone as planned.

"I chose Bank of Ireland of the three banks available at the time on the basis that it had branches in all the big towns, only to find myself posted to Banagher in Offaly, which must have been one of the smallest branches at the time," he says.

However, he has no regrets. The bank supported him through his studies to become an accountant. Eventually, he took responsibility for the bank's retail network along the east coast.

"It was an exciting time, with banks changing their whole outlook on how the service was provided. At the time, most business would have been conducted through branches but distribution channels have evolved to accommodate the changing nature of the business - from 'hole-in-the-wall' banking to phone banking, electronic banking and now internet banking."

He was also involved in the acquisition of ICS Building Society, which accelerated the bank's involvement in the mortgage business to a point where, between its various outlets, it is now the largest mortgage provider in the State, and later in the savings and investment business during a period of great change during the affluent late 1990s, before taking up the reins in business banking.

But why leave now?

"I always had the idea of becoming what I call a player manager," he says. "What I want to do is play in the middle of the field and take the risks myself and use the skills I have gained in the bank to grow businesses outside that environment."

As to the timing, it is as much a case of "if not now, when".

"I was looking at going a couple of years ago but my boss asked me to stay on to manage the business banking side in what is a very competitive and fast-changing side of the business."

He concedes that his decision was made easier by the fact that his family is grown.

"My daughter has just completed a Masters and my son is working for the past six months, so I do not have financial issues. I have enough to keep me going for the rest of my life. . . I just want to go out and see can I do it and be player manager myself."

He is not short of projects and has already earmarked three areas where he hopes to bring his experience to play, helping entrepreneurs whose businesses have grown to the extent that they no longer have the time to concentrate on what they are good at.

On top of all that, he has joined the board of Beaumont Hospital, where he will attempt to bring sense to its finances.

"It's a case of giving something back," he says. "The people delivering health service on the front line are fantastic and we need to support them. If I can bring my accountancy skills to bear to help deliver value, that is good."

If he succeeds in a challenge like this, the private sector will hold little fear.