Finance Ireland appoints Ulster Bank executive as COO

Damien Daly was director of strategy at Ulster

Finance Ireland is the largest non-bank lender in the State. Photograph: iStock

Finance Ireland is the largest non-bank lender in the State. Photograph: iStock

 

Finance Ireland, the largest non-bank lender in the State, has appointed senior Ulster Bank executive Damien Daly as chief operating officer.

Mr Daly is director of strategy at Ulster Bank and a member of the bank’s executive committee. Ulster Bank is exiting the market in the Republic.

Finance Ireland founder and chief executive Billy Kane said the appointment would strengthen and broaden the company’s management team.

“Damien brings extensive experience at the highest level of banking and he will be an important member of our own senior management team,” Mr Kane said.

Mr Daly has also held senior roles in Bank of Ireland.

Finance Ireland saw its profits slide by almost a third last year as it set aside €13.7 million of provisions to absorb potential loan losses stemming from the Covid-19 crisis. Pretax profits dropped to €9.64 million from €14.1 million for the previous year.

Mr Kane said on Thursday that the company was performing strongly as the economy reopens. He said it has a 6 per cent share of the residential mortgage market.