THE FORMER BARCLAYS banker Jeremy Masding has been named as the new chief executive of Permanent TSB, the banking arm of Irish Life and Permanent.

Masding will replace the current CEO David Guinane who is leaving the company on 20 February.

The company said that this position was a new one being created as part of the separation of the bank from IL&P’s life and pensions business which comes into effect in late March or early April.

Masding, 46, worked at Barclay’s Bank between 1984 and 2007 and has since worked for the specialist secured loan lender Central Trust in the UK.

He is currently chairman of the independent loan broker Richmond Group, a position he will vacate to take up the role at PTSB.

His appointment has been approved by the Financial Regulator and was today welcomed by the Finance Minister Michael Noonan who said that the remuneration package for Masding was within the government guidelines that no pay package exceed €500,000 per annum.

“I would like to wish Mr Masding every success in his new role at this critical juncture in the history of the bank and looks forward to engaging with him on the challenging work ahead,” Noonan said.