As a bank gets bigger, it inevitably requires more oversight. That is the case with any lender and PTSB, as Permanent TSB is now known, is no different.
PTSB’s size has ballooned since it took on much of the former Ulster Bank’s loan book and network, as well as customers moving their accounts as KBC and Ulster left the market here, leading the Central Bank to class it as a so-called other systemically important institute (OSII). In short, the bank is deemed an institution of particular importance to financial stability and among other things, now is required to carry additional capital.
Now that the bank is an OSII firm, it has rolled out a number of changes to its executive management team which, it says, “will strengthen the effectiveness” of the top team.
Ger Mitchell has been named chief customer and people officer, expanding a role that had him as chief human resources officer and corporate development director. Patrick Farrell moves from being retail banking director to chief retail banking officer, while Leontia Fannin is named chief sustainability and corporate affairs officer. She was previously head of corporate affairs, communications and sustainability at the bank and had been on the bank’s leadership team since 2018. Mr Mitchell and Farrell are both already on the top management team, while Ms Fannin will now formally join it.
One wonders what is really changing with the new titles, but it is clearly of importance to the bank. In fairness, PTSB has entered a new era since KBC and Ulster Bank left the market so, in that sense at least, it makes sense for it to be publicly announcing these changes.
“As PTSB enters a new phase as an enlarged bank of systemic importance to the Irish economy, it is crucial that the bank’s executive management team is strengthened so that we can sustainably achieve our ambition of being Ireland’s best personal and business bank through exceptional customer experiences,” chief executive Eamonn Crowley said.
As always with these things, it’ll be a year or two before we see what difference these changes make in practice.
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