PTSB chief risk officer Stephen Groarke quits for US group

Permanent TSB's (PTSB) chief risk officer, Stephen Groarke, will leave in the coming months to become the European chief financial officer for US credit card transactions processor Elavon at its base in Dublin.

Mr Groarke joined PTSB as head of group finance in 2012 and was appointed chief risk officer in April 2016, having acted in an interim position from September 2015. He previously held senior positions in Bank of Ireland and Ulster Bank.

PTSB announced Mr Groarke’s planned departure on Friday morning but did not say where he was going to. Sources familiar with the matter said that he was joining Elavon Financial Services, a unit of US Bankcorp that is based in Carrickmines in Dublin and had a total of 1,697 employees at the end of 2016.

The move comes as bailed-out Irish lenders, which are subject to salary caps and bonus bans, have highlighted the challenge of attracting and retaining senior staff – particularly in risk and compliance – as a number of overseas financial firms move to Ireland or seek to bulk up their operation in this country as they plan for Brexit.

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"Stephen has been instrumental in both driving new and enhanced internal control and risk management standards for Permanent TSB and in contributing more broadly to the transformation of the organisation," said chief executive Jeremy Masding, adding that the group has started a recruitment and selection process to find interim and permanent replacements for Mr Groarke.

PTSB is currently in the process of selling €2.2 billion of non-performing loans, with US private equity firm Loan Star and hedge fund Elliott Management understood to have put in offers for the portfolio ahead of a bid deadline on Wednesday.