Alliance & Leicester on Wednesday appointed David Bennett, its finance director, to replace Richard Pym, the chief executive who is retiring on July 27.

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Jane Croft, retail banking correspondent, on the implications of A&L choosing an internal chief.

The banking group also said it expected profits for 2007 to be at the top end of analysts’ forecasts. Market expectations for core operating profit were centred around £595m, with the highest forecasts at £608m.