Liam has been at the bank for five years and served during the completion of the successful recapitalisation process last year.

The bank’s board said that he would remain in situ as the search for a successor progressed, with further announcements made in due course. 

Liam said that he felt a great sense of achievement in how much it had collectively delivered both to address the fundamental issues the organisation faced in 2013 and to reshape the business around its retail customers.

“This is a great bank with a strong customer base and distinct brand and the progress made means there is much to build upon. 

“However, having successfully completed the recapitalisation process last year, I feel it is now both the right time for me and for the business to look to new leadership for the next stage of the journey. 

“In the meantime, though, it remains very much business as usual in delivering on our plans and the level of service our customers expect of us.”

Bob Dench, chairman at the Co-operative Bank, said that under Liam’s tenure, the bank had become stronger and more resilient on many levels.

“The achievements have provided the platform to move forward with our plans to achieve a sustainable and profitable Co-operative Bank. 

“I would like to thank Liam on behalf of the board for his significant contribution.

“Our priority for the next phase is further to rebuild the bank’s competitiveness as a genuine alternative for customers.”