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The Co-operative Group appoints Niall Booker as Bank Chief Executive and Group Deputy Chief Executive Officer

27 May 2013

The Co-operative Group is pleased to announce the appointment of Niall Booker as Chief Executive of The Co-operative Bank and Deputy Chief Executive of The Co-operative Group.

A veteran of the banking sector, Niall Booker has held a variety of senior roles at HSBC in a career of more than 30 years, spanning retail and corporate banking. Most recently, he was Group Managing Director and Chief Executive Officer of HSBC North America. In this role he had responsibility for working through the issues in HSBC Finance Corp, including working closely with HSBC North America Holdings’ regulators.

Niall Booker will take up his new roles at The Co-operative Group with effect from 10th June. He will be a member of the Board of The Co-operative Bank.

Euan Sutherland, Group Chief Executive of The Co-operative Group, said:

“We are delighted that Niall is joining The Co-operative Group. With his strong background across the banking sector, covering both retail and corporate, he is the ideal person to lead The Co-operative Bank at this important time in its history. He clearly brings the strategic and operational skills that we need to help take the Bank to the next stage of its development.

“The Board and I are confident that Niall will add tremendous value, helping us work through the complex issues that we currently face as we work to re-position our Bank. The Co-operative Bank has a strong future. We will build on our strengths as a member-owned Bank, with a loyal customer base and an ethical heritage. While there is much work to be done, we are confident that we can continue to provide a distinctive, consumer-led alternative on the high street, offering real choice for customers.

“I know that Niall has a great deal to contribute to the transformation of both The Co-operative Bank and the wider Co-operative Group and I am looking forward to working closely with him.”

Niall Booker said:

"I am delighted to be joining The Co-operative Group under Euan's leadership at this strategically important time for both the Bank and the Group. 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 that 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.”

Len Wardle, Chairman of The Co-operative Group, said:

“The Board of The Co-operative Group is very pleased that Niall is joining us. His long career in banking makes him the ideal person to lead our Bank at this time. He will, in addition, bring his wealth of experience to bear on the wider Group as Deputy Chief Executive. In that role he will be working with Euan Sutherland, who started as Group Chief Executive in May and has already made a real impact in terms of driving the Group forward. Together they offer a strong combination of retail and financial services experience, with deep knowledge of the consumer economy.”

The appointment of Niall Booker is subject to formal regulatory approvals.

For further information contact:

Russ Brady
The Co-operative Group
Tel: 07880 784442

Susanna Voyle
Tulchan Communications
Tel: 07980 894557

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