Maurice Harte, chief executive of Treasury Holdings, one of Ireland’s largest property developers, is quitting to join the Irish Nationwide Building Society (INBS) as general manager and effectively deputy chief executive.
Harte mainly worked in merchant banking until he joined Treasury 18 months ago in a move which was seen as strengthening the group’s corporate and financial management.
Although one of only two remaining mutual building societies in Ireland, Irish Nationwide (INBS) has attracted recent interest for its role in funding two prominent private developers, Sean Mulryan, of Ballymore Properties, and Liam Carroll, of Zoe, one of Dublin’s largest residential developers.
INBS is a 49% shareholder in Ballymore’s Dundee Wharf development subsidiary in London and is helping to fund Liam Carroll’s stake building exercise in the publicly quoted Dunloe Ewart
During Harte’s time with Treasury, the company teamed up with the Aberdeen Asset Management to form Real Estate Opportunities in which Treasury has a 24% stake. Aberdeen acquired the publicly quoted UK property company Jermyn Holdings in which Treasury also had a stake. His tenure also saw Treasury walk away from bids for London’s Millennium Dome and Green Property.
Harte’s appointment takes effect from the middle of January 2002.
EGi News 31/12/01
