Bloomberg News

Bank of Ireland Said to Pick Ex-Lloyds Director Kane as Chairman

June 05, 2012

Bank of Ireland Plc, the nation’s largest bank, plans to appoint Archie Kane, former insurance director at Lloyds Banking Group Plc, as its next chairman, according to people with knowledge of the matter.

Kane, 59, who retired from Lloyds last year, has been nominated by the Dublin-based lender’s board and is currently going through an approval process with the central bank, said the people, who declined to be identified as the matter is not yet public. A former chairman of the Association of British Insurers, the industry lobby group, Kane joined TSB, a predecessor of Lloyds, in 1986, and the company’s board in 2000.

Bank of Ireland Chairman Pat Molloy is stepping down in July after three years, having presided over two recapitalizations that raised a total of 8.1 billion euros ($10.1 billion) and allowed the bank to avoid state control. The government holds a 15.1 percent stake in the bank after selling a 34.9 percent holding last year to five investors, including U.S. billionaire Wilbur Ross for 1.1 billion euros.

Officials at Bank of Ireland, the central bank and the Finance Ministry, which has two non-executive representatives on the bank’s board, declined to comment. Kane hasn’t responded to an effort to contact him through an intermediary.

Kane, who was Lloyds’ most senior Scottish executive, was among four departing group directors last year that were denied a total of 2.3 million pounds ($3.5 million) of bonuses due to be paid out following the integration of HBOS Plc into the group. He had been in line for a 479,000-pound payment.

London-based Lloyds, the U.K.’s second-largest publicly quoted lender, is 41 percent government-owned after receiving a 20.3 billion-pound rescue amid the 2008 banking crisis.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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