Permanent TSB appoint new Chief Executive

Permanent TSB appoint new Chief Executive

Jeremy Masding

Irish Life & Permanent has announced the appointment of Jeremy Masding as Chief Executive of the group’s banking business, Permanent TSB.

Mr Masding (46) will replace current chief executive David Guinane who is to leave Irish Life and Permanent late next month.

Masding worked in a number of roles in Barclays between 1984 and 2007 and was chief executive of lender Central Trust from 2007 to 2009.

The bank CEO role is a new position, which is being created as part of the previously announced separation of the group’s life and pensions businesses. The fate of the life subsidiary, Irish Life, remains uncertain following the decision to suspend the disposal process ‘in the context of continuing market uncertainty’.

The separation of the two businesses is due to become effective from late March/early April 2012. The recapitalised bank’s priorities will be to implement the deleveraging required by the Central Bank (includes selling the UK residential and Irish commercial mortgage books by end-2013) and to restore the core Irish business ‘to strength and profitability as quickly as possible’.

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