Printer Friendly

Spain's Santander to buy Alliance and Leicester.

Global Banking News-15 July 2008-Spain's Santander to buy Alliance and Leicester(C)2008 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 15 July 2008(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Spain's Santander Bank (NYSE: STD) (SAN.MC) has agreed to buy 100 per cent of the British bank Alliance and Leicester (A&L) (LSE: AL) for EUR1.57bn (USD2.5bn).

The transaction will be carried out through a share swap, with the Spanish bank exchanging one of its shares for every three shares of Alliance and Leicester (LSE: AL), Santander told the Spanish market regulator CNMV. Santander will extend its capital by two percent for the operation.

Alliance and Leicester will be integrated into Santander's British subsidiary Abbey, which the Spanish bank acquired in 2004.

The operation, which Santander's president Emilio Botin described as a 'significant step' towards expanding the bank's activities in Britain, is expected to be completed in October subject to approval from shareholders.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications Ltd - http://www.m2.com))
COPYRIGHT 2008 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Jul 15, 2008
Words:183
Previous Article:Russian central bank hikes rates.
Next Article:Kuwait's KFH reports 29% rise in profit in Q2.


Related Articles
Santander more likely to make acquisition in UK than in Germany.
pounds 1.2bn ALLIANCE; Job fears as Spanish buy bank.
Santander not interested in HBOS.
Alliance and Leicester shareholders may have to pay more tax because of takeover.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |