Edinburgh-based Tesco Bank has recruited Gerry Mallon as its new chief executive to succeed the colourful Benny Higgins, who will retire from Tesco Bank on February 28 after 10 years.

Mallon will join Tesco Bank from Royal Bank of Scotland’s Ulster Bank, where he is currently chief executive.

Mallon is also chairman of the Irish Football Association.

Mallon, who will be a member of the Tesco Group Executive, will begin his role towards the end of July, 2018.

From March 1, 2018, Iain Clink, deputy chief executive, will assume the role of interim chief executive until Mallon is able to take up his post

Prior to Ulster Bank, Mallon was CEO of Danske Bank UK from 2008 to 2016.

Mallon has also held senior positions at Bank of Ireland, McKinsey and Co, the Industrial Development Board for Northern Ireland, and the Northern Ireland Civil Service.

Tesco Group CEO Dave Lewis said: “I am delighted that Gerry is joining Tesco to lead Tesco Bank and sit on the Group Executive.

“He joins Tesco Bank at a time of increasing digital change in financial services, which offers Tesco a brilliant opportunity to further develop and grow the helpful services we provide our customers through banking and insurance.”

Mallon said: “I am thrilled to be joining Tesco Bank as chief executive.

“Tesco Bank has a unique opportunity to provide for millions of Tesco customers, and I am ready to meet the challenge of being the bank for people who shop at Tesco.

“Equally, I am excited to embrace the culture of Tesco, which differentiates the bank as it relentlessly puts customers first.”