PTSB taps former HSBC executive for chief risk role

Permanent TSB (PTSB) said on Wednesday it has appointed a former HSBC executive, Michael Frawley, as its new chief risk officer.

He succeeds Stephen Groarke, who quit the 75 per cent State-owned bank in July, to become the European chief financial officer for US credit card transactions processor Elavon.

Mr Frawley, a Cork native, had worked with HSBC for almost a decade and a half, according to his LinkedIn profile, most recently as chief risk officer of the UK banking giant’s Bermudian operation.

"This appointment demonstrates the bank's commitment to excellence in all aspects of its risk management activities," said PTSB chief executive Jeremy Masding. "Mike's risk expertise, leadership skills and proven track record make him an excellent fit for the position."