According to a news report by Sky News, Bank of Cyprus CEO John Hourican is close to being named chief executive of NewDay, a consumer finance provider which runs co-branded credit cards with retail giants including Amazon, Sir Philip Green's Arcadia Group, Debenhams and the tour operator Tui Travel.
The appointment is expected to be confirmed in the next few days.
Mr Hourican's return to the UK will mean his departure from Bank of Cyprus, which he has run since the end of 2013 and for much of the ensuing period alongside the former Deutsche Bank chief Josef Ackermann.
Bank of Cyprus said on Tuesday that it appointed Efstratios-Georgios (Takis) Arapoglou to its board of directors. Arapoglou is being considered by the board as possible new Chairman of the company, as Chair Josef Ackermann will depart in May after the firm's annual general meeting.
Hourican steered the Bank out of the financial crisis and listed the company on the London Stock Exchange. He is credited for the financial recovery of the Bank. Hourican followed an aggressive policy to reduce non performing loans and for the sale of unprofitable engagements.
His appointment at NewDay is understood to have been given the nod by UK financial regulators.
Mr Hourican will replace James Corcoran, who has run NewDay for the last decade.