New NIB owner to separate banks
Monday, 28 February 2005Danske Bank is to separate Northern Bank and National Irish Bank into two separate units, after completing the acquisition of the banks from National Australia Bank today.
The Danish bank said Don Price would be appointed chief executive of Northern Bank. NIB's chief operating officer John Trethowan will act as its chief executive until a new CEO is appointed.
The chairman of Danske Bank's executive board, Peter Straarup, will chair the boards of both banks.
'Northern Bank and NIB take up very different positions in their markets, and we believe that the separation of the two banks will help us focus on activities and create growth,' Mr Straarup said.
IBOA general secretary Larry Broderick welcomed today's announcement, adding that the union had had 'constructive' meetings recently with Danske Bank and its Danish sister union Finansforbundet about staff concerns.
Mr Broderick said the bank had committed itself to agreeing any change programme with the unions.
