Bank of Ireland has announced the creation of a new Wealth and Insurance division, bringing together its wholly owned subsidiaries Davy and New Ireland Assurance.

The move, revealed on Friday, 12 July, aims to enhance customer outcomes and drive growth across the group's wealth and insurance offerings.

Gavin Kelly has been appointed to lead the new division as chief exec of Davy and Wealth, a role he will assume later this year. In this position, Kelly will become chief exec of Davy, join the Davy Board, and oversee New Ireland Assurance.

Myles O'Grady, chief executive officer of Bank of Ireland, expressed confidence in Kelly's appointment, stating: "Bank of Ireland's wealth and insurance strategy offers a great opportunity to serve our customers and grow our business. Under Gavin's leadership, we see Davy and New Ireland continuing to grow, strengthening relationships with their clients, expanding their services, and providing the best wealth and insurance offerings across the Group's wider customer base."

The newly formed division boasts significant assets under management, with Davy reporting €25.9 billion and New Ireland Assurance €23.6 billion as of end-March 2024. Together, they serve approximately 650,000 wealth and insurance customers in Ireland.

Vincent Crowley, chair of Davy, welcomed Kelly's appointment, saying: "In a highly competitive process, the Davy Board considered Gavin to be the standout candidate to lead Davy through our next phase of growth."

Kelly, who has been with Bank of Ireland since 2007, brings extensive experience to the role, having held various senior management positions within the group. The bank said that his appointment underscores its commitment to strengthening its control over Davy, which Bank of Ireland acquired in 2021.

As the bank looks to capitalise on Ireland's favourable demographics, O'Grady highlighted to shareholders the potential for further growth in wealth and insurance assets, which increased by 18 per cent to €46 billion last year.

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