The chairman of Irish Intercontinental Bank (IIB), Mr Paddy McEvoy, will become chairman of the Belgian bank, Kereskedelmi es Hitelbank (K&H Bank), after IIB's shareholders won a tender to purchase a 56 per cent stake of K&H.

Mr McEvoy will take up the appointment following the completion of the purchase by the IIB shareholders, Kredietbank NV and Irish Life Assurance plc who are acting as a consortium. Mr McEvoy is also chairman of Irish Life Homeloans, Irish Life Finance, KB Financial Services (Ireland) and Kredietfinance Corporation (UK) Ltd, companies within the IIB group.