Bank of Ireland has appointed two new directors to its board.

Patrick Mulvihill and Mr Pat Butler will become non-executive directors, the bank said today.

The move comes as current non-executive directors John O'Donovan and Rose Hynes said they will retire at the end of the year. A third director, Jerome Kennedy, will step down after the bank's next annual general meeting.

Mr Mulvihill retired from Goldman Sachs in 2006, where he filled the role of global head of operations, covering capital markets operations, asset management operations and payment operations. He also sat on the firm’s risk, finance and credit policy committees. He is a non-executive director of Goldman Sachs Bank (Europe) Plc, and is a member of their audit committee. In Bank of Ireland, Mr Mulvihill will join the risk committee and the audit committee.

Mr Butler will join the bank's risk committee, and the nomination and governance committee. He is a partner in financial services investment company Resolution Group, and previously acted as senior director of McKinsey & Co, leading its UK financial services practice and its European retail banking practice.