Francesca McDonagh

Francesca McDonagh OBE, is an Irish-British banker. She was appointed Group Chief Executive Officer (CEO) of the Bank of Ireland in October 2017. She succeeded Richie Boucher who had served as CEO of the bank from February 2009.

Francesca McDonagh

Education

McDonagh grew up in Croydon in London[1] and attended Coloma Comprehensive Girls’ School in Croydon. She studied at Oxford University where she graduated with a Bachelor of Arts Degree in Politics, Philosophy and Economics.

Career

McDonagh joined Bank of Ireland from HSBC Group, where she held a number of senior management roles over a twenty-year career. These included Group General Manager and Regional Head of Retail Banking and Wealth Management, UK and Europe; Regional Head of Retail Banking and Wealth Management, Middle East and North Africa; and Head of Personal Financial Services, Hong Kong. [2]Francesca worked in the UK, Hong Kong, UAE, Mexico, Panama, Indonesia and Egypt during her career at HSBC.

Bank of Ireland CEO

McDonagh became the first woman to take the helm of Ireland’s biggest bank in its 237-year history.

The Bank of Ireland was the country’s only domestic lender to avoid nationalisation during the financial crisis. By 2013, the bank had returned €6 billion for the €4.8 billion State aid injection [3].

Just weeks after taking up the role, McDonagh and the heads of the other five main Irish retail banks were called by Finance Minister Paschal Donohoe to discuss their respective plans on resolving the tracker mortgage issue that had impacted their customers.[4]

Since joining the bank, McDonagh has focused on technological transformation [5], improvements in internal culture [6] and enhanced customer service across the Group. She has also promoted Bank of Ireland’s objective to reach 50:50 gender balance in management and leadership appointments by 2021.[7]

External appointments, memberships and awards

Member of the UK’s Prudential Regulation Authority (PRA) Practitioner Panel [8], 2016-present.

Non-Executive Director of Ibec, is the largest business lobby group in Ireland 2018 – present [9].

Member of the YPO [10], 2018-present.

Member of the World Economic Forum of Young Global Leaders, Class of 2014 [11].

Deputy Chair and Board Member of the British Bankers’ Association (BBA), 2015 – 2017.

Non-Executive Director of UK National Centre for Universities and Business (NCUB), 2015 – 2017.

Francesca was appointed an Officer of the Order of the British Empire in the 2017 Queen’s Birthday Honours List for services to banking [12].

Personal life

McDonagh, an Irish national, was born in Wimbledon, London, to an Irish father and Egyptian mother. Francesca’s paternal grandfather comes from the village of Carraroe in County Galway and her paternal grandmother is from Laois.[13]

She lives in Dalkey, Dublin with her husband, who is French and owns a patisserie business.[14]

References
  1. "Interview - Bank of Ireland CEO Francesca McDonagh". 2019-12-04. Cite journal requires |journal= (help)
  2. "Management Structure | About the Group". Bank of Ireland Group Website. Retrieved 2020-07-13.
  3. McDonagh, Francesca. "Why banks' top brass should welcome tougher regulation". The Irish Times. Retrieved 2020-07-13.
  4. Brennan, Joe; Kelly, Fiach. "Bank of Ireland taking tracker issue 'very seriously', new chief says". The Irish Times. Retrieved 2020-07-13.
  5. Brennan, Joe. "Bank of Ireland reviews €900m technology plan as new CEO arrives". The Irish Times. Retrieved 2020-07-13.
  6. "CEO McDonagh's mission to change corporate culture at Bank of Ireland". independent. Retrieved 2020-07-13.
  7. Hamilton, Peter. "Bank of Ireland commits to gender equality in executive hires by 2021". The Irish Times. Retrieved 2020-07-13.
  8. "Practitioner Panel and Insurance Sub-committee". www.bankofengland.co.uk. Retrieved 2020-07-13.
  9. "The Ibec Board - IBEC". www.ibec.ie. Retrieved 2020-07-13.
  10. "Young Presidents' Organization", Wikipedia, 2020-06-30, retrieved 2020-07-13
  11. "Francesca McDonagh". World Economic Forum. Retrieved 2020-07-13.
  12. "Queen's Birthday Honours List" (PDF).
  13. Brennan, Joe. "BoI chief focuses on growth as bank turns corner". The Irish Times. Retrieved 2020-07-13.
  14. "Francesca McDonagh: 'We are ready with an all-weather Brexit plan come what may at the end of negotiations'". belfasttelegraph. ISSN 0307-1235. Retrieved 2020-07-13.
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