The Co-operative Bank has appointed Bob Dench (pictured above) as its new chairman.
He will take up his new role on 14th March and succeeds current chairman Dennis Holt, who will retire in May.
Bob is currently chair of Paragon Banking Group PLC and has been in the role since 2007, having joined the board in 2004.
He was chairman of Paragon throughout the financial crisis and when it obtained its banking licence.
Bob will remain in his role at Paragon until his successor has been appointed.
Previously, Bob served on the boards of AXA UK and Ireland from 2004, as senior indepdent director of AXA UK until December 2016 and chair of AXA Ireland from 2007 to 2017.
He was also chair of AXA PPP Healthcare Limited from 2013 to 2017.
Dennis said: “The Co-operative Bank has been through challenging times in the past four years as it has worked hard to fix the legacy issues that led to the crisis it faced in late 2013.
“It now has solid foundations and a clear pathway to sustainable profitability and robust capital resilience.
“It has been a privilege to work to achieve our customers’ distinctive requirements of a bank committed to values and ethics at the heart of all it does.
“I’m immensely grateful for the commitment of our colleagues and the support of fellow directors, the executive team and our investors.”
Liam Coleman, chief executive at the Co-operative Bank, added: “We look forward to welcoming Bob to the Co-operative Bank as chairman as we move forward following the recapitalisation.
“There is much to do in order to continue to build a sustainable and profitable ethical banking franchise, and his significant board and industry experience will be invaluable as we take forward our plans.”
Bob added: “I am delighted to be appointed chairman of the Co-operative Bank as it enters the next stage of its development and I look forward to working with Liam and the board to deliver the strategy.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Development Bank of Wales provides £500,000 to IT repairs business
Comtek Network Systems UK Limited has secured £500,000 of investment from the Development Bank of Wales
Wesleyan Bank names new director
Wesleyan Bank has strengthened its management team with the appointment of Simon Welling (pictured above) as its director of sales and marketing.
Cash Isa savers missing out on transfer market
Half of cash Isa savers aged 55-plus (50%) have never moved their accounts to another provider, according to a new study.
CivilisedBank secures further funding
CivilisedBank is set to receive further funding from current investor Warwick Capital Partners, subject to regulatory approval.
A round-up of the latest specialist banking products
With the continuing expansion of the specialist banking market, this year promises to bring a host of new products and services to the sector.
Hanley Economic BS rebrands
Hanley Economic Building Society has rebranded as it launches its first ever TV advertising campaign.
Lydia raises a further €13m
Lydia has announced that it has raised a further €13m, taking the total amount raised by the French fintech start-up to over €23m.
Fintech as a force for good
The big news around fintech focuses on the many ways it is already making financial services more profitable, more scalable, more secure and more user-friendly.
FIBA commits to 30 events
The Financial Intermediary & Broker Association (FIBA) has announced 30 regional meetings for its members and intermediaries interested in joining the Association.
20% of brands to abandon their mobile apps by 2019
A fifth of brands will abandon their mobile apps by 2019 due to a lack of adoption and customer engagement, according to a study by research and advisory company Gartner.