Bank of Ireland ended months of speculation today when it announced Mr Michael Soden will take over from chief executive Mr Maurice Keane.
Mr Keane is due to step down in February next year.
The appointment of Mr Soden - the general manager of National Australia Bank's European operations -will come as a surprise to many observers. Bank of Ireland has always appointed people from within the bank in the past.
Mr Soden is expected to become group chief executive-designate in September.
He is from Dublin and worked with Citicorp Investment Bank in Canada and with Security Pacific Hoare Govett in London.
In 1994 he joined National Australia Bank as general manager, treasury and wholesbank banking, Europe.
Last year he was appointed executive general manager of Global Business and Personal Financial Services.