Bank of Ireland has announced the appointment of Akshaya Bhargava as its new chairman and governor, set to take up the role on 1 January 2025.

Bhargava, who joined the bank's board as a non-executive director in January 2024, will succeed Patrick Kennedy, who is stepping down after six years in the position.

With an extensive background in financial services and fintech, the Bank of Ireland said that Bhargava brings a wealth of experience to the role. Born in India and residing in the UK since 1993, he has held senior positions at several prominent institutions, including serving as chief executive of Barclays' wealth and investment management business from 2014 to 2017.

Richard Goulding, deputy chairman of Bank of Ireland, praised Bhargava's appointment, stating, "Akshaya combines a depth of financial services and fintech experience with strength of leadership and an entrepreneurial mindset. These qualities will be of great benefit to Bank of Ireland, as it works to complete its current strategic cycle and looks to the years ahead in what is a fast-evolving sector."

Bhargava's career spans various leadership roles across the financial services ecosystem. He spent 22 years at Citibank before founding and leading several successful companies, including Infosys BPO Ltd and State Street Managed Account Services. Currently, he serves as executive chairman of Bridgeweave, a fintech firm he founded in 2018 that provides research and investment advice to equity investors.

The appointment comes as Bank of Ireland seeks to strengthen its position in a rapidly changing industry. Under Kennedy's leadership, the group returned to full private ownership, completed several transformative acquisitions, and improved its strategic and financial standing.

Goulding expressed gratitude for Kennedy's contributions, saying, "Under Patrick's leadership, the group has returned to full private ownership, completed a number of transformative acquisitions, and demonstrably strengthened its strategic and financial position including investor returns."

The bank had previously indicated in its 2023 annual report that it planned to increase the chairman's fee from €394,000, where it has remained since 2009, to attract a candidate with appropriate experience and expertise for the role.

---