Bank of Ireland Group Plc Deputy Chairman Patrick Kennedy is likely to succeed Archie Kane as chairman of the board, as the bank gets ready to announce its first dividend in a decade, the Irish Independent reported Feb. 17.

Kane has internally indicated that he plans to step down, sources said. Kennedy is a former CEO of betting giant Paddy Power.

The bank is set to announce its first dividend since the financial crisis when it releases full-year 2017 results Feb. 26, according to the report.

Additionally, BoI has reportedly imposed a recruitment freeze, aimed at cutting costs and helping pay for a new IT system investment. The bank said the freeze does not affect customer-care roles.

Bank of Ireland Group is the parent of Bank of Ireland.