British banker Richard Pym has been named the new chairman of AIB.

Mr Pym is currently the chairman of the Co-Operative Bank in the UK, and former chairman of Northern Rock.

Welcoming the announcement by AIB, Minister for Finance Michael Noonan said the appointment comes at an important time for the bank as it continues its transitions from a period of restructuring into one of recovery.

“Mr Pym has a wealth of experience in the UK banking sector and I am confident that he we will prove to be a strong chairman of AIB Group.”

Mr Noonan also thanked outgoing chairman David Hodgkinson, saying Mr Hodgkinson took on the role of chairman at what was a very difficult time for the bank and the country.

Mr Pym (64) will be appointed to board as non-executive director and chairman designate with effect from October 13th.