January 24, 2018 / 8:43 AM / 3 months ago

Tesco Bank names Ulster Bank chief as CEO

LONDON (Reuters) - Tesco Bank has named Ulster Bank Chief Executive Gerry Mallon as its new CEO, the bank which is owned by Britain’s biggest retailer Tesco (TSCO.L) said on Wednesday.

Mallon will take up his job towards the end of July 2018, Tesco Bank said, replacing Benny Higgins who is due to retire in February.

“Electing a young and energetic leader to target growth across the domain of financial services product in a world of burgeoning open access to banking data would seem to us to be a sensible move,” analyst John Cronin at Irish broker Goodbody said about Mallon’s appointment.

Iain Clink, Tesco Bank’s deputy chief executive, will serve as its interim CEO from March 1 until Mallon joins in July, Tesco Bank said.

    Ulster Bank, owned by Royal Bank of Scotland (RBS.L), earlier confirmed Mallon’s departure and said he would remain with the Irish bank while a replacement is identified.

    Founded in 1997 as a joint-venture with the Royal Bank of Scotland (RBS.L), the Tesco Bank came under Tesco ownership in 2008.

    The bank has grown since then and makes annual profits of 200 million pounds and serves 8 million bank accounts, mainly through outlets in Tesco supermarkets.

    Reporting by Lawrence White and Emma Rumney; editing by Jason Neely and Jane Merriman

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