Alliance & Leicester appoints Gillespie to chair

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Date: Wednesday 09 Jul 2008

LONDON (ShareCast) - Alliance & Leicester has confirmed the appointment of Alan Gillespie as its new chairman from 8 September.

Gillespie has been chairing Ulster Bank (a wholly owned subsidiary of The Royal Bank of Scotland Group) since 2001 and is stepping down from that role on 4 September.

Roy Brown will revert to his previous role of Deputy Chairman and Senior Independent Director following the appointment, having taken on the responsibility as Acting Chairman following the death of Sir Derek Higgs in April 2008.

A&L shares have taken a pounding in recent months over fears it may need additional capital even though its mortgage book is said be one of the best among the UK lenders. But profits are tipped to fall sharply this year due to a squeeze on margins as funding costs rise.

Gillespie is an investment banker and spent 14 years at Goldman Sachs in London in its deals division, which may also spark bid talk say analysts.

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