The former head of Royal Bank of Scotland's investment bank has been appointed as the new chief executive of troubled lender Bank of Cyprus.
The bank, the Mediterranean island's largest financial institution until the country's bailout in March, has appointed John Hourican as its new chief.
The Irishman was RBS's head of markets and international banking division but resigned in February amid the bank's £390m settlement over the manipulation of Libor.
"Hourican is a dynamic, experienced, and recognised professional from the international sector, who is in a position to effectively tackle the challenges faced by the group," the Bank of Cyprus' chairman Kristis Kasapis said.
At Bank of Cyprus, Mr Hourican will have to execute a three-year restructuring of the bank that was hit badly by its Greek sovereign debt exposure.
The bank has been recapitalised through a bail-in of uninsured depositors - the first bank in the euro zone to embrace such a big step.
Mr Hourican told the Financial Times that he was "very excited" about the new challenge in a country with such a large banking system.
"The opportunity to make a real difference not only to the bank but to the country as a whole is a significantly interesting challenge." He said his appointment was indefinite but envisaged three to five years for the restructuring.
Morale at RBS's investment bank had been low since Mr Hourican's departure in February, which triggered a string of additional senior defections at the unit.
