TSB Bank has appointed the former managing director of the Bank of Ireland-owned building society ICS, Mr Tony O'Connell, as head of lending at the bank.
The appointment is part of TSB's drive to expand and diversify its loan book and to develop new sources of business, including accessing intermediary networks.
Mr O'Connell will take up the newly-created position as general manager - advances on September 1st when his consultancy contract with ICS expires. in August 1995, Mr O'Connell retired as managing director of ICS after six years in the position.
Mr O'Connell, who spent 37 years with the Bank of Ireland group, will have overall responsibility for developing the credit strategy for personal and commercial lending at TSB. He will evaluate and manage the bank's credit exposure, according to a statement from TSB.
The appointment reflects Mr O'Connell's experience as a branch and regional manager with Bank of Ireland and as managing director of the ICS, according to TSB managing director Mr Harry Lorton.
TSB currently has two advances departments following the amalgamation of TSB Dublin with the Cork and Limerick Savings Bank. These departments will now be amalgamated.
Lending growth at TSB so far this year is ahead of "a budget which is aggressive", Mr Lorton said. TSB reported an 18 per cent rise in net new lending for the year to the end of October 1995 with a total loan book of £648 million and net new loans of £101 million.
Mr O'Connell became managing director of ICS in 1989 when pre-tax profits were £1 million
