Gerry – who will be a member of the Tesco group executive – will begin his role towards the end of July 2018.

Gerry is set to join Tesco from Ulster Bank, where he is currently the chief executive.

Prior to this, he was CEO of Danske Bank UK between 2008 and 2016.

He has also held senior positions at Bank of Ireland, McKinsey & Co, as well as the Industrial Development Board for Northern Ireland.

“I am thrilled to be joining Tesco Bank as chief executive,” said Gerry.

“Tesco Bank has a unique opportunity to provide for millions of Tesco customers, and I am ready to meet the challenge of being the bank for people who shop at Tesco.

“Equally, I am excited to embrace the culture of Tesco, which differentiates the bank as it relentlessly puts customers first.”

Benny Higgins, the current chief executive, will retire from Tesco Bank at the end of February.

Iain Clink, deputy chief executive, will assume the role of interim chief executive until Gerry takes up the post.

“I am delighted that Gerry is joining Tesco to lead Tesco Bank and sit on the group executive,” said Dave Lewis, chief executive of Tesco Group PLC.

“He joins Tesco Bank at a time of increasing digital change in financial services, which offers Tesco a brilliant opportunity to further develop and grow the helpful services we provide our customers through banking and insurance.”