BRADFORD & Bingley said today that former Alliance and Leicester boss Richard Pym is to become its new chief executive as it confirmed that investors had subscribed to 27.8 per cent of its £400m rights issue.

Mr Pym's arrival comes at a crucial time for the bank with the Financial Services Authority wanting it to be absorbed by a larger competitor and B&B itself desperate to regain the City's confidence after the disastrous twice-revised rights issue.

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