THE HEAD of Anglo Irish Bank’s US operations, Tony Campbell, has left the bank after more than 18 years with the company. The bank has said that it will not replace Mr Campbell as it plans to centralise its overseas businesses under management in Dublin.
Anglo’s chief executive Mike Aynsley told staff earlier this month that he would be contacting them shortly about a reorganisation of the US operations.
Mr Campbell worked closely with the bank’s former management team led by ex-chief executive David Drumm and chairman Seán FitzPatrick, and was chief executive of Anglo’s US operations for almost five years.
Prior to moving to the US, Mr Campbell worked in the bank’s lending division and in wealth management, which he helped set up.
Mr Aynsley told employees that Mr Campbell had left to take up new opportunities.
The bank appointed Jim Brydie as head of lending last December. He will oversee the bank’s overseas operations from Dublin.
Anglo had US loans of €9.3 billion at the end of December 2009, accounting for 13 per cent of the bank’s overall €72 billion loan book. Some €2 billion of US loans are moving to Nama.
Impaired loans in the US were the lowest across Anglo’s divisions. Some €800 million of the bank’s 2009 bad debt charge related to US loans, compared with €10.8 billion in Ireland and €2.3 billion in the UK.
Anglo’s top 20 customer groups accounted for €14.8 billion or 21 per cent of the bank’s total loans, according to the bank’s financial report for the 15 months to the end of last year. Some 15 of the top 20 are moving to Nama.
