MR Lochlann Quinn, the deputy chairman of electrical appliance manufacturer Glen Dimplex, is to become chairman of Allied Irish Banks, Ireland's largest quoted company, next January. He will succeed Mr Jim Culliton who is retiring "in order to reduce his business commitments and work load", according to the bank.

Mr Quinn, who is a brother of the Minister for Finance, Mr Ruairi Quinn, joined the board of AIB in May 1995.

Mr Quinn takes the hot seat at AIB as it faces up to the challenges presented by European Monetary Union. The bank is also under pressure to maintain the strong growth that it has achieved over the last 10 years.

Mr Quinn (54) joined Glen Dimplex in 1980 from the accountancy firm Arthur Andersen, where he was an audit partner. He trained as an accountant after graduating from LCD with a degree in Commerce.

Along with the founder of Glen Dimplex, Mr Martin Naughton, he has grown the Dunleer, Co Louth, based company into a large multinational electrical appliance company, with a turnover estimated at more than £350 million. Mr Quinn owns 26 per cent of the company and has a number of other investments along with Mr Naughton.