Danske Bank has appointed a former Bank of Ireland UK director as its new chief risk officer in-waiting.

Thomas McAreavey will join initially as deputy chief risk officer and progress to chief risk officer in the new year, subject to regulatory approval.

He has 25 years’ experience across retail and commercial banking, and until last year was chief financial officer at Bank of Ireland UK working in Belfast, London and Dublin. He was a member of Bank of Ireland UK’s executive team and held responsibility for areas including financial and strategic management, capital risk, liquidity risk, and regulatory reporting and engagement with UK and other regulators.

Thomas was also a director at various Bank of Ireland subsidiaries including Northridge Finance, Bank of Ireland UK’s motor finance business.

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Welcoming Mr McAreavey, Danske Bank UK CEO Vicky Davies, said: “Thomas is from Northern Ireland, he knows the marketplace here very well and he also has great knowledge of banking in the rest of the UK. He will bring a wealth of experience and a lot of fresh thinking.

"He is very highly regarded within the wider industry, and I am delighted he will be joining us here at Danske Bank.”

After a period of transition, current chief risk officer Phil Smyth will move on to become the Bank’s new managing director of commercial development, subject to regulatory approval.