KBC Bank Ireland chief executive John Reynolds is to step down after almost 30 years with the company.

The Belgian lender also announced it would need to make a provision of up to €775 million in the fourth quarter for potentially lost loans and mortgages in its Irish loan book.

This was as a result of moving restructured mortgages from a non-impaired status to an impaired status, it said.

In a statement this morning, the bank said Mr Reynolds, who has been chief executive of the company for four years, is leaving to pursue other interests.

The board has appointed chief financial officer and chief operations officer Wim Verbraeken to the role, although the change must be approved by the Central Bank. Mr Verbraeken joined the Irish unit in July, although he previously held a number of senior management roles at KBC Bank.

"I am convinced that, with the support of KBC as a strong and stable shareholder, Mr Verbraeken and his colleagues leading the bank will ensure the continued growth, development and future of the bank, to the benefit of its customers, staff and all other stakeholders," chairman Danny De Raymaeker said.

Mr Verbraeken’s former role is to be split in two, with appointments for COO and CFO to be announced soon.

KBC Bank Ireland employs 700 people in Dublin, Limerick, Cork, Belfast and Galway.