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
Crown Agents Bank appoints new NED
Crown Agents Bank has announced the appointment of Susanne Chishti (pictured above) to its board as a non-executive director...
Ex-RBS director joins Triodos Bank
Triodos Bank has appointed Rob Keegan (pictured above) to head up a team supporting UK SMEs...
UTB appoints new asset finance BDM
United Trust Bank (UTB) has appointed Paul Barter (pictured above) as a business development manager for asset finance to support brokers in central England and Wales...
Secure Trust Bank launches its cheapest ever mortgages
Secure Trust Bank (STB) has launched its cheapest ever mortgages, with rates starting at 2.04%...
Temenos to support Varo Money’s bank launch
Varo Money has signed up for Temenos’ T24 core banking as it prepares for the launch of its new bank in the United States...
Klarna to acquire Close Brothers Retail Finance
Close Brothers Group has announced the sale of its retail point of sale finance business to Klarna Bank AB...
Masthaven appoints Rob Barnard as sales director for long-term lending
Masthaven has appointed Rob Barnard at its new sales director for long-term lending...
Paysend introduces global account
International payments and money transfer company Paysend has announced the beta program for its new global account service, which allows people to hold, move and spend multiple currencies worldwide...
Masthaven introduces business savings account
Masthaven has announced the launch of its business savings account...
Monese secures £5.3m investment from Augmentum Fintech
Augmentum Fintech PLC has announced an investment of £5.3m in current account provider Monese...
Redwood Bank hires new BDM
Redwood Bank has appointed Mark Dolphin (pictured above) as its BDM for Yorkshire and the North East...