Chief Risk Officer Stephen Groarke is leaving Permanent TSB Group Holdings PLC in the coming months, the Irish lender said.

Groarke, who will also step down as an executive director of the bank's board, is set to take up a senior finance position in the Irish operation of an undisclosed international bank.

Sources familiar with the matter told The Irish Times that Groarke was joining Elavon Financial Services DAC, the Dublin-based unit of U.S. Bancorp.

PTSB said it has initiated the search for Groarke's replacement.