New chairman for Alliance and Leicester

Jul 9 2008

A senior banker with more than 30 years’ experience in the industry was today appointed chairman of Alliance & Leicester.

Alan Gillespie, who is currently chairman of Royal Bank of Scotland-owned Ulster Bank, will take up the role on September 8.

A&L said Mr Gillespie, who is 57, possessed the “experience, skill and energy” needed to chair the company. He succeeds Sir Derek Higgs, who died in April.

Mr Gillespie’s appointment comes amid fears in the City that A&L will have to raise new capital or sell itself to a bigger player.

Shares have fallen from £12 to under £3 in the space of a year, although the stock was 9% higher today in a better session for the London market.

Roy Brown, who will revert to his previous role as deputy chairman, said Mr Gillespie’s career included “outstanding accomplishments” at two global financial institutions, as well as his chairmanship of Ulster Bank.

He added: “After a thorough search of a wide range of potential candidates, Alan was the outstanding choice. He is well connected in banking circles, understands UK retail and corporate banking and brings the experience, skill and energy needed to chair Alliance & Leicester.”

Mr Gillespie’s banking career began at Citibank where he spent ten years. He joined Goldman Sachs in New York in 1986 and then spent 14 years with the firm in London as a partner and managing director.

He has been non-executive chairman of Ulster Bank Group since 2001 and has also held a number of public sector positions, including chairman of the Northern Ireland Industrial Development Board.