Mr Peter White, the 57-year-old chief executive of Alliance & Leicester, is in line to head up a merged A&L and Bank of Ireland. An outgoing character, he turned down the chief executive's job at one of Britain's largest banks, Barclays, last year. He led A&L's purchase of the state-owned savings bank Girobank 10 years ago at what was seen as a rock-bottom price. He has flirted with buying a number of other financial institutions since but until the Bank of Ireland deal has failed to expand its operations. Mr White tried to buy Friends Provident and there has also been talk of an approach to the Bradford & Bingley - Bank of Ireland was also mentioned as a potential bidder. A&L also held protracted negotiations with the Woolwich which came to nothing.

He has a reputation for cost-cutting. The stock markets will want to see these skills exercised if it is to lend support to the merger.

Bank of Ireland chief executive Mr Maurice Keane is also 57, but will step aside to make way for Mr White. Mr Keane was appointed as chief executive last year, taking over from Mr Pat Molloy. His term was due to end in 2001. He is expected to step down from his position and will become a non-executive director.

Next year, once Bank of Ireland governor Mr Howard Kilroy retires, he will become non-executive chairman of the merged entity.

Mr Keane is a career banker who has spearheaded most of the bank's acquisitions over the years. He was part of the team that lead Bank of Ireland's initial move into the UK and US economies. He was closely involved in the First New Hampshire Bank acquisitions and was one of the chief instigators of the bank's acquisition of Bristol & West.