AIB has confirmed the appointment of Dr Colin Hunt as its new chief executive.

In a statement, the bank said the regulatory fitness and probity assessment process and consultation with the Minister for Finance in respect of the proposed appointment has concluded successfully.

Colin Hunt succeeds Bernard Byrne who steps down from his executive duties and from the AIB board today. 

Dr Hunt joined AIB Group in 2016 as Managing Director for its Wholesale and Institutional Banking divison. 

He previously held a number of senior positions in Macquarie Capital, Goodbody Stockbrokers, Bank of Ireland and NatWest, as well as spending time as special advisor to former ministers for finance and transport.

AIB's Chairman Richard Pym said the appointment from within the bank's senior team is testament to the calibre of people in the bank. 

"I want to thank Bernard for his leadership and commend his many achievements during his time with the bank," Mr Pym said. 

"I look to the future with confidence and optimism that under Colin’s leadership AIB will continue to grow and prosper in the years to come, " he added.