Fears for Jobs at a&L After Takeover by Abbey Owners ; in Association with Rbs
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Summary
FORMER building societies Abbey and Alliance & Leicester are set to merge in a pounds 1.26bn deal. Spanish banking company Santander, which already owns Abbey, plans to merge the two into a business with 959 UK branches and a share of more than 8% of the savings and personal loans market. It has agreed the takeover with A&L's board and the deal should be completed in October as long as no rival offer emerges.
Santander will also pump around pounds 1bn into A&L to shore up the group's finances, which have been rocked by the credit crunch.See the full content of this document
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Fears for Jobs at a&L After Takeover by Abbey Owners ; in Association with Rbs
A&L's acting chairman Roy Brown said: "The board is acutely aware of the significant external risks presented by the deterioration in...
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