THE NEW Scottish chief executive of Co-operative Bank has warned there will be no quick fix to the problems at the lender.
Experienced banking executive Niall Booker, who also becomes deputy chief executive of Co-operative Group, has been appointed just days after the bank admitted it was no longer open for new business lending. Already this year the Co-operative Bank has had its credit rating downgraded to junk status and has withdrawn from a deal to buy 632 branches from Lloyds Banking Group.
Mr Booker, who takes up his role on June 10, said: "Along with the rest of the Co-operative team, I will be focused on the actions to strengthen our balance sheet and satisfactorily resolve our underlying issues, while at the same time continuing to serve our existing customers and build on The Co-operative Bank's exceptional brand strength.
"This will ensure we are well-placed to deliver a sustainable improvement in our banking business.
"There are no quick fixes here, but with the support of The Co-operative Group, our staff and our loyal customer base, I am confident we will be able to stabilise and develop the franchise."
Most recently, Mr Booker was chief executive and managing director of HSBC North America but left in 2011 having spent 30 years in various positions around the world at the bank.
He is also a governing council member at Glenalmond College in Perth and Kinross, where he was once a pupil. The recently appointed Edinburgh-born Co-operative Group chief executive Euan Sutherland praised Mr Booker's strategic and operational skills.
Mr Sutherland said: "With his strong background across the banking sector, covering both retail and corporate, [Niall] is the ideal person to lead The Co-operative Bank at this important time in its history."
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