Manchester-based Co-operative Bank announced on Monday the appointment of former Lloyds Banking Group executive Andrew Bester as its new chief executive officer.
Co-operative Bank said in June that CEO Liam Coleman decided to step down from his position after less than 18 months during which he oversaw its rescue and recapitalisation.
“Andrew will join the bank and the board on 9 July 2018 and will begin the transition of responsibilities from current CEO Liam Coleman, who, as previously announced, has decided to step down,” said Co-operative Bank.
“Andrew is a banking leader with a track record in business turnaround and large scale transformation.
“A qualified chartered accountant, whose career began with three years at PwC and subsequently three years at Deloitte, Andrew joined Standard Chartered Bank in 2004, where he held senior leadership roles in wholesale banking in Africa and Asia.
“In 2008 he took on the role of chief financial officer for Standard Chartered’s Consumer Banking division, and in 2011 he was appointed chief operating officer for consumer banking.
“In his most recent role as a group director and chief executive of the commercial banking division of Lloyds Banking Group he led the successful customer-focused turnaround and transformation of the commercial/wholesale banking business over five years from 2012.”
Co-operative Bank chairman Bob Dench said: “I am delighted that we are appointing Andrew as CEO.
“He is a first class business leader with the experience, drive and intellect required to lead the organisation forward at a key point in its turnaround journey.
“Five years ago, the bank faced very significant problems and over that time we have made progress towards successfully tackling those issues.
“In Andrew we have found the right person to take us on to the next stage as we focus on achieving a sustainable profitable bank.
“Andrew’s understanding of the role business plays in the community and its potential to make a positive difference, and his achievements in leading inclusion and diversity, also make him an ideal choice as CEO of The Co-operative Bank.”
Bester said: “I am excited to be asked to lead The Co-operative Bank at this important time.
“The bank is a well- respected brand, with a long and rich history.
“It is much valued by its customers and colleagues, and continues to lead the way with its commitment to ethical, environmental and community matters.
“Over its recent history, the bank has been through a period of great change and uncertainty and I look forward to working with the teams to return the business to its former strength.”