Irish MEP for Dublin Brian Hayes has announced he is to step down from his role, and political office, next April.
The Fine Gael member is to take up the role of CEO of the Banking & Payments Federation Ireland (BPFI).
Mr Hayes said he will step down as an MEP once the current European Parliament term has come to an end and all duties of its members have been completed.
BPFI represents the banking, payments and fintech sectors in Ireland.
Mr Hayes will be the spokesperson for the industry - representing domestic and international member institutions at both national and international level.
BPFI said: "Through his extensive knowledge and experience, he will also help shape BPFI policy and provide input on how legislative initiatives impact upon the operations of the industry."
Jonathon Lowey is president of BPFI: "We are delighted to confirm the appointment of Brian Hayes as the new CEO of Banking & Payments Federation Ireland.
"I would like to thank Maurice Crowley sincerely for taking on the interim CEO position and also thank his predecessor, Noel Brett, for his excellent work.
"This is a critical time for our organisation".
"There is life after politics"
In a statement, Mr Hayes said: "I am announcing today that I will not be contesting next year's European Parliament elections.
"My decision brings to an end to my role in active front line politics, something that has been a constant in my life over the last 25 years.
"There comes a time for everyone in politics to leave the stage - for me that time is now."
"I am taking this decision for family and professional reasons. There is life after politics."
He informed the Taoiseach Leo Varadkar of his decision on Monday.
Mr Hayes added: "I am very pleased to confirm I will be taking up the position as CEO of BPFI at the end of my current tenure in the European Parliament.
"Given my work over the past 10 years, I understand the important role and responsibility of the banking and payments industry to Ireland.
"There are clearly great opportunities and challenges facing us at present, especially around the questions of trust and confidence in Irish banks.
"Central to Ireland's continued economic come back must be a healthy, sustainable and customer focused banking industry".
Mr Hayes has held numerous posts over the past decade - including deputy finance minister in 2011 and vice-president of the Economic and Monetary Affairs Committee.
