Bank of Ireland has named former Lloyds Banking Group executive Archie Kane as its next governor.

The bank said Mr Kane (60) will succeed Pat Molloy as governor from June 29th, and has been co-opted to the board with immediate effect.

Mr Kane was group executive director of the bank's insurance business Scottish Widows and the board's representative for the bank's Scottish operations from 2009 to 2011. He has also held a number of senior positions with Lloyds Banking Group and TSB Bank, including group executive director of IT and operations, and insurance and investments.

Mr Kane said he was pleased to be taking up the role as governor at an important time for both the bank and the Irish economy.

Outgoing governor Mr Molloy welcomed the appointment, saying Mr Kane's track record in financial services internationally would bring "significant experience" to the board and would be a "major asset" to the group.

Bank of Ireland also appointed two non-executive directors, Fairfax Financial Holdings chairman Prem Watsa and WL Ross, Junior.