The Co-operative Bank has appointed Liam Coleman as deputy chief executive officer from 3 May. Mr Coleman is expected to succeed current chief executive, Niall Booker, whose contract expires at the end of the year.
Mr Coleman joined the Co-op Bank as treasurer in June 2013 from RBS, and became director of the Co-op Bank’s retail and commercial bank in September 2014.
The announcement comes two months after the Co-operative Bank announced annual losses of £610.6m before tax for the year ending 31 December 2015 – more than double the previous year’s loss of £264m.
At the same time, Mr Booker stated the Bank is expected to report a loss over the next two years. “We expect a return to operating profitability in the Core Bank before the end of 2017,” he said.
Dennis Holt, Co-operative Bank chair, said: “As part of the current management team, Liam has been instrumental in leading the considerable progress in rebuilding the Bank’s retail franchise and restoring its position amongst customers. This appointment provides continuity and enables us to plan for the future.”
Mr Coleman has over 30 years’ experience in financial services. He was deputy group treasurer and group head of capital management at RBS and has had roles at Nationwide Building Society, Mitsubishi Bank and Hambros Bank.