Ulster Bank set to hire departing AIB executive

Ulster Bank is poised to hire Paul Stanley, whose departure as acting chief financial officer of AIB was announced today, three people familiar with the matter said.

Mr Stanley will become CFO of Ulster Bank, replacing Charles McManus, who stepped down last year, according to one of the people, who asked not to be identified as the matter is private.

Richard Harding has filled the role on an interim basis since last year.

A spokesman for Royal Bank of Scotland, which owns Ulster Bank, declined to comment on Mr Stanley, while an assistant at Mr Stanley's office referred a request for comment back to AIB's press department. A spokeswoman for the bank declined to comment on Mr Stanley's plans.

Mr Stanley, who joined AIB in 1980, became acting CFO in May 2011, two months before the state completed its almost €21 billion bailout of the lender, giving it a 99.8 per cent stake.

Edinburgh-based RBS has injected €14.3 billion of capital into Ulster Bank since 2009 following the collapse of Ireland’s property bubble. However, the lender is not subject to the pay cap to which State-owned AIB must adhere.

Bloomberg