Allied Irish Banks (AIB) announced this morning that its Chief Executive Officer David Duffy has informed the Board of his decision to step down as CEO and Executive Director to "pursue a career opportunity overseas."

Mr Duffy joined the bank in December 2011 and has served as both Executive Director and CEO. He will remain in position to support the Board in identifying his successor with his final departure date to be agreed.

AIB Chairman Richard Pym commented: “I am very sorry to see David leave AIB. During David’s tenure as CEO the bank has been transformed from an organisation in difficulty to one which returned to profit in the first half of 2014 and which is well positioned to deliver on its strategic objectives to customers and shareholders. I will work with David in the coming period to facilitate a smooth transition and wish him every success in the future”.

David Duffy commented “My time at AIB has been immensely rewarding both professionally and personally. The bank is well positioned to contribute to Irish economic recovery and to serve customer needs. Having returned to profitability, received approval of the Bank’s Restructuring Plan and passed the recent ECB/EBA Comprehensive Assessment, I believe now is the right time for a new CEO to lead the bank through the next phase of its recovery and growth and a multi-year process of returning capital to the Irish State."

Commenting on Mr Duffy's resignation, Michael Noonan commented: "Under the stewardship of Mr Duffy, AIB has undergone a major transformation, in line with this Government’s banking strategy, and is now operating to support economic growth and jobs in the Irish economy. The extensive restructuring required is largely completed and the bank has significantly improved its relationship with new and existing customers.

"The bank has been returned to profitability and passed the recent ECB Comprehensive Assessment. The bank is now a very valuable asset for the Irish taxpayer. Mr Duffy has built a strong and capable management team in the bank and the outlook for the bank as stated in its most recent trading update to the market is very positive."