Niall Booker starts next month
The Co-operative Group has appointed Niall Booker as chief executive of its bank and deputy chief executive of the group.
Booker was previously group managing director and chief executive officer of HSBC North America, where he was responsible for working through the issues of HSBC Finance Corporation and working with the bank’s regulators. He joins the Co-op on 10 June.
Booker replaces Barry Tootell, who resigned earlier this month when Moody’s downgraded the Co-operative Bank’s deposit and senior debt ratings to junk status. Rod Bulmer had been running the bank on an interim basis while a new chief executive was sought.
The Co-operative Group group chief executive of Euan Sutherland said: “Niall will add tremendous value, helping us work through the complex issues that we currently face as we work to reposition our bank. The Co-operative Bank has a strong future. We will build on our strengths as a member-owned bank, with a loyal customer base and an ethical heritage.”
Booker said: “There are no quick fixes here, but with the support of The Co-operative Group, our staff and our loyal customer base, I am confident we will be able to stabilise and develop the franchise.”
The Co-op Group is looking to sell its general insurance arm in order to support its banking operations.
No comments yet