KBC chief Mr Jan Van Hevel will succeed IIB Chairman Mr Paddy McEvoy when he steps down later this year.

Mr McEvoy founded IIB in 1973 and has spent more than 30 years as chief executive and then chairman. He will step down at the company's annual general meeting (agm), at which point Mr Van Hevel, who is managing director of KBC, will take over.

Mr Van Hevel has been on IIB's board for the last two years. He has worked in various roles in KBC since 1971 and serves as chairman of a number of its subsidiaries.

IIB chief executive Mr Ted Marah this week described the move as an endorsement of the Irish bank's recent performance.

Announcing his resignation, Mr McEvoy said that when the bank published its first accounts in 1973, it had total capital employed of £500,000. "Today we have €654 million," he said. He added that he was proud of the bank's record of innovation in the Irish market.

IIB gets ready to capitalise on Northern boom, page 26

Brussels keeps eye on Microsoft

The European Commission has stepped up its scrutiny of Microsoft's plans to comply with last year's landmark antitrust ruling, amid growing signs that the group's proposals still fall short of Brussels' demands.

Microsoft's compliance plans are meeting opposition from many of its rivals, who were this month asked for their views by the Commission. They are expected to tell the regulator that Microsoft's moves would not meet the ruling's demands, and will urge Brussels to demand further concessions.

The Commission can then either overrule their concerns and accept Microsoft's proposal - seen as unlikely - or continue negotiations. Brussels could also follow up on a threat made in January and impose further financial penalties on the group. (Financial Times Service)

Glass firms raided by EU regulator

The European Union's top antitrust regulator has raided the offices of glass manufacturers in six European countries, alleging that the companies operated a price-fixing cartel.

The European Commission would not identify the companies it had inspected, but Pilkington of the UK, Saint-Gobain of France, Glaverbel of Belgium and Guardian of the US confirmed their offices had been visited. Glaverbel is a subsidiary of Japan's Asahi Glass.