January 23, 2018 / 11:59 PM / a year ago

Tesco poaches Ulster Bank CEO Mallon for its financial services arm: Sky News

FILE PHOTO: A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. REUTERS/Phil Noble/File Photo

(Reuters) - Tesco Plc (TSCO.L) has poached Ulster Bank Chief Executive Gerry Mallon to run the financial services arm of Britain’s biggest retailer, Sky News reported on Tuesday.

Mallon has resigned as CEO of Royal Bank of Scotland's (RBS)(RBS.L) Irish operation Ulster Bank to join Tesco Bank, with an official announcement expected on Wednesday, the report said, citing sources. (bit.ly/2n3kb2q)

He will be replacing Tesco Bank CEO Benny Higgins, who will retire in February.

Mallon, who is also chairman of the Irish Football Association, is expected to join Tesco Bank after his replacement at Ulster Bank is found, the report said.

Mallon is also likely to be included in Tesco’s main executive committee, Sky News reported.

Tesco Plc and Ulster Bank did not respond to a request for comment outside regular business hours.

Reporting by Kanishka Singh; Editing by Chris Reese

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