Bank of Ireland Group has announced the appointment of Francesca McDonagh (42) as Group Chief Executive Officer to succeed Richie Boucher, who steps down later this year. McDonagh will become a bank director in October 2017.

McDonagh (pictured) joins Bank of Ireland from HSBC where she is Head of Retail Banking and Wealth Management, UK and Europe. In this role, she is responsible for all aspects of retail customer service, channels, products and segments of HSBC's three brands of HSBC Plc, M&S Bank and first direct. McDonagh joined HSBC in 1997 straight after graduating with a PPE degree from Oxford University.

At HSBC, McDonagh has been leading a major cull of bank branches. In January 2017, the bank announced plans to close 117 branches this year. The closures will leave the bank with 625 branches across the UK.

McDonagh commented at the time: “More customers are using mobile and internet banking than ever before, innovation such as Touch and Voice ID has proved extremely popular, and fewer people are using branches. The decision to close these branches ensures a more sustainable branch network for the future as we continue to invest in our digital platforms and our people.”

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Commenting on McDonagh’s appointment, Bank of Ireland Governor Archie Kane remarked: “The Board conducted a thorough search and from a strong field selected this exceptional candidate. I am very pleased that we have been successful in attracting a person of the calibre and experience of Francesca to the group.

“She has been with HSBC for 20 years, during which time she has held a number of senior leadership roles in the bank across seven different countries. We very much look forward to working with her over the coming years as she leads the bank and its experienced management team into the next phase of its development.”

Paying tribute to Boucher, Kane added: “Richie has been an outstanding success at Bank of Ireland, and leaves the bank in a much stronger position than he inherited when he took up the role of CEO in February 2009. On behalf of the board, I would like to express our sincere appreciation.”