Business

HEADLINES:

New chairman: Alliance & Leicester

Heavyweight in A&L chair

09.07.08

Mortgage lender Alliance & Leicester has recruited a heavyweight banker as its new chairman as it struggles to distance itself from the woes of other former building societies Northern Rock and Bradford & Bingley.

Former Citi and Goldman Sachs corporate financier Alan Gillespie is being parachuted in as chairman from Ulster Bank, the Royal Bank of Scotland offshoot he has headed for the past eight years. A&L's former chairman, Sir Derek Higgs, died suddenly in April.

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