Who Is Colin Hunt? Facts To Know About The CEO Of AIB Amidst The Tracker Mortgage Scandal

Colin Hunt, the prolific AIB CEO, and AIB itself have come under bad times in 2022.

The bank and its EBS subsidiary received a record-breaking fine of €96.7m in a tracker mortgage scandal.

Independent Ireland writes that AIB was authorized to deny more than 12,000 customers cheap tracker mortgages when interest rates were rising. 

Welcome to Ireland. Void of consequences for scamming 15,000 tracker customers. The sleepy regulator will take €70m & all will be forgiven! No one held accountable again! AIB set for record Central Bank fine over tracker mortgage scandalhttps://t.co/VgoKVOCray

— David Hall (@davidhall75) June 23, 2022

The case has cost AIB €600m, including refunds, compensation, legal fees, and other administrative expenses. These recorded details trace back to the time before being fined.

Surprisingly, the hefty €96.7m fine reduces AIB's initial potential penalty of €119m. The Central Bank reduced a third of the fine after AIB surrendered to fifty-seven charges.

The ongoing notorious tracker scandal is cited as the biggest overcharging issue to hit the Irish banking sector, as AIB's fine is more than double the fine imposed on Ulster Bank for the same tracker issue.

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Colin Hunt is a veteran banker with two decades of banking and finance experience.

According to his LinkedIn, Mr. Hunt is a 1992 graduate of the University College Cork with a Bachelor of Commerce. He then obtained his Ph.D. in Economics from Trinity College Dublin in 2007.

Starting his professional corporate career in 1992, Hunt first worked as a corporate tax analyst at KPMG from September 1992 to December 1993. Throughout his career, he has worked in various positions such as Chief Economist, Country Risk Analyst, Head of Trading Research, and Managing Director in various financial organizations.

One of Hunt's notable works is his tenure as Special Advisor to the Minister for Transport of Ireland from November 2004 to June 2007. The future AIB CEO was thoroughly committed to the Macquarie Group as its Managing Director from 2007 to 2016.

Mr. Hunt finally joined AIB in August 2016 as its Managing Director, looking over the organization's wholesale, institutional and corporate banking. He then took over AIB's Chief Executive Officer position in March 2019 and has continued as a CEO since then.

Colin Hunt's net worth figures are estimated to be multi-million, citing his veteran and high-ranking position in the industry.

As the CEO and Executive Director of AIB, he is cited for receiving the highest compensation of €488,000 or more. 

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RTE in 2019 confirmed the news and named him on the list of highest-earning bankers of the year. With such prominence in the company and the country as a whole, Hunt's presence in the field is certainly not to be ignored.

However, things might change a little as the bank is currently under a huge financial crisis, given the recent tracker scandal.

Thus, not only he but everyone in the bank may come over some economic shortage in the future.