AIB has announced that CEO David Duffy is stepping down.

Mr Duffy - who joined the bank in December of 2011 - is leaving to join Clydesdale Bank - and will help the Board to choose his successor.

In a statement, Finance Minister Michael Noonan said under David Duffy's stewardship - AIB has "undergone a major transformation" - and is working to support economic growth and jobs.

Business Reporter Ian Guider says Mr Duffy felt it was the right time to go.