ACC Bank's chief executive Colm Darling said this evening that he is to stand down from the role. He has held the CEO position for the last seven years and oversaw the bank's integration within the Rabobank Group.

On an interim basis, Adrian Hegarty has agreed to take on the CEO role at ACC Bank from December 4. He will also continue in his current role as CEO of Friends First.

Rabobank said it will make further announcements in due time on a long term successor for Mr Darling.