Following speculation earlier this summer, Ulster Bank has announced that it has appointed Paul Stanley as chief financial officer (CFO). Mr Stanley joins the Royal Bank of Scotland owned Ulster Bank from state-owned AIB, where he held a similar position. He will replace Charles McManus, who stepped down last year from Ulster Bank.

Earlier this year AIB said that the €500,000 a year limit on bankers’ pay in state-owned banks was resulting in key staff members leaving.

Mr Stanley started his career with AIB in 1980, and became acting CFO in May 2011, two months before the state completed its almost € 21 billion bailout of the lender, giving it a 99.8 per cent stake. Prior to that he was the group financial controller of AIB, a role in which he oversaw key asset disposals and a capital restructuring of AIB Group.

Ulster Bank group chief executive Jim Brown welcomed his appointment, and said that Mr Stanley’s “ extensive experience will be a huge benefit to us as we continue to make progress on delivering our business strategy, building a sustainable and valued business that serves our 1.9 million customers across the island of Ireland.”