Allied Irish Banks (AIB) has hired Patrick Farrell from Ulster Bank, as part of an attempt to beef up its wealth management division, reported Irish Examiner..
Farrell was working as the head of private banking at Ulster Bank. He is expected to take up his new position May, 2013 onwards.
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Wih this new hire, AIB, reportedly, wants to develop its wealth management business as part of a strategy to offer a new range of services to its customers.
There has been fall at AIB’s private banking business over the past few years, as it had focused on offering property-related investments in the years leading up to the collapse of the economy in 2008.
AIB had been approached by a number of third parties about outsourcing its wealth management services but it continued to keep the division under internal management.
The division has five employees in the Dublin office and four in the Cork office. It is expected that a number of other appointments will be made in the coming months.
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By GlobalDataThere has been a lot of consolidation in the Irish wealth management sector over the past few years, with a number of firms exiting the market, such as HSBC that closed its wealth management unit in Ireland following an internal review in July 2012.
Reportedly, Farrell’s departure "does not signal any change in strategy for its private bank" and his replacement is expected to be announced over the next few weeks.
