Tesco Bank names new chief executive

Edinburgh-based Tesco Bank has announced the appointment of Ulster Bank boss Gerry Mallon as its new chief executive.

Mr Mallon, who was chief executive officer of Danske Bank UK from 2008 to 2016 before joining RBS Group and has held senior positions at Bank of Ireland, McKinsey and Co, the Industrial Development Board for Northern Ireland, and the Northern Ireland Civil Service, is to remain in his role at Royal Bank of Scotland subsidiary Ulster Bank while he serves his notice and the search for his replacement is carried out.

Tesco Bank, which employs more than 2000 staff at its headquarters in the Scottish capital, said Mr Mallon will be a member of its Tesco Bank’s group executive when he begins in his new role towards the end of July.

Dave Lewis, chief executive of Tesco Group PLC, said: “I am delighted that Gerry is joining Tesco to lead Tesco Bank and sit on the Group Executive. He joins Tesco Bank at a time of increasing digital change in financial services, which offers Tesco a brilliant opportunity to further develop and grow the helpful services we provide our customers through banking and insurance.”

Les Matheson, CEO Personal & Business Banking, RBS said: “Gerry has made a significant contribution to the continued turnaround of Ulster Bank since joining in 2016. The balance sheet is stronger, costs are down and our customer service scores continue to improve. Under Gerry’s tenure Ulster Bank has also continued to make progress in supporting our personal and business customers in Ireland with strong growth in new lending. I wish Gerry all the best in his new role.”

Mr Mallon will replace Benny Higgins who retires from Tesco Bank on 28th February after 10 years at the head of the challenger bank.

Mr Mallon added: “I am thrilled to be joining Tesco Bank as Chief Executive. Tesco Bank has a unique opportunity to provide for millions of Tesco customers, and I am ready to meet the challenge of being the Bank for people who shop at Tesco. Equally, I am excited to embrace the culture of Tesco, which differentiates the Bank as it relentlessly puts customers first.”

The Tesco Bank noted that deputy chief executive Iain Clink will assume the role of interim chief executive from 1st March until Mr Mallon is able to take up his post.