AIB's Bourke Assumes Expanded Role as Bank Prepares Bond Saleby
Head of mortgages O'Keeffe to head troubled loans unit
Fergus Murphy to leave his role at the end of the year
Allied Irish Banks Plc Chief Financial Officer Mark Bourke will start overseeing investor relations as the lender prepares to begin paying back its 21 billion-euro ($23 billion) bailout by tapping subordinated bond and equity markets.
Jim O’Keeffe, head of mortgages, will take over the bank’s troubled loans unit, the Dublin-based bank said in an internal memo Monday in Dublin. He replaces Brendan O’Connor, who was named head of the bank’s U.K. division last month.
Bourke’s expanded role comes as AIB seeks to turn to subordinated bond markets in the coming months to help finance a repayment of between 1.5 billion euros and 2 billion euros of its bailout. The government also is targeting the sale of a 25 percent stake in the lender next year, which could raise more than 3 billion euros, according to Cantor Fitzgerald LP analyst Fiona Hayes.
With Fergus Murphy leaving his role as director of corporate and institutional banking at the end of the year, AIB is splitting the role in two, according to spokeswoman Niamh Hennessy, confirming the contents of the internal memo.
Robert Mulhall, director of retail and business banking, will head corporate banking. Donal Galvin, head of group treasury, has been named acting head of wholesale & institutional banking, a new division.