PTSB Hires Scott Rankin, Former Deputy Head of Department of Finance Unit, as Head of Investor Relations Division

PTSB, the bank that remains 57 per cent State-owned, has made a significant hire in Scott Rankin, the former deputy head of the Department of Finance unit overseeing the State’s stakes in bailed-out banks. Rankin, who played a key role in various restructuring plans for bailed-out banks during the financial crisis, will now lead PTSB’s investor relations division.

Rankin’s appointment comes after a successful career in the public sector, where he advised on EU State-aid restructuring plans and represented the State in recapitalization talks with major banks. He also played a crucial role in the initial public offering of PTSB and the State’s sale of shares in other banks.

With Rankin’s expertise and experience, PTSB is looking to navigate regulatory challenges, particularly in reducing the riskiness of its mortgage book. The bank currently faces high risk-weighted assets due to the aftermath of the financial crash, where a significant portion of its mortgages were non-performing.

Despite these challenges, the State has already recovered a substantial amount of PTSB’s bailout funds, with the remaining stake valued at over €400 million. Rankin’s appointment signals a new chapter for PTSB as it continues to strengthen its position in the banking sector.

Overall, Rankin’s move from the public sector to the private sector is a significant development in the financial industry, and his expertise is expected to bring valuable insights to PTSB’s investor relations division.