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Alliance & Leicester had to be offered a secret £3 billion credit line by HM Treasury in November 2007 to prevent insolvency and a run on the bank. [ 6 ] [ 7 ] On 14 July 2008 the board of A&L recommended that shareholders accept a takeover bid from Banco Santander for around £1.26 billion. [ 8 ]
The bank, with its head office in 2 Triton Square, Regent's Place, London, NW1 3AN, United Kingdom, [5] [6] was established on 11 January 2010, when Abbey National plc was combined with the savings business and branches of Bradford & Bingley plc, and renamed Santander UK plc. Alliance & Leicester plc merged into the renamed business in May 2010.
Alliance & Leicester International Limited (ALIL) was the international banking subsidiary of Alliance & Leicester, which was subsequently bought by the Santander Group in October 2008. The bank offered a range of international savings accounts primarily to Isle of Man residents and British expatriates, but also to non domiciles living in the ...
In May 2010, Alliance & Leicester was acquired by Grupo Santander and the Alliance & Leicester brand was replaced by Santander UK. The Girobank wording continued in use on some credit slips intended for paying bills, along with the Alliance & Leicester "plus" logo.
The number of independent banks shrank further during 2008: Northern Rock was nationalised by the UK Government (and is now owned by Virgin Money), followed by Bradford & Bingley; Alliance & Leicester was acquired by Santander, who merged it into Santander UK.
The purchase of Alliance & Leicester by Santander had been agreed earlier that month. [35] Abbey migrated all customer accounts to the Partenon computer software used by Santander in June 2008. [36] On 27 October 2008, Abbey reached an agreement to sell Porterbrook to a consortium of Deutsche Bank, Lloyds TSB and Antin Infrastructure Partners. [37]
He was Distribution Director for Alliance & Leicester Retail Bank from 2000 until 2002 and then returned to head Girobank, now rebranded as Alliance & Leicester Corporate Bank until 2008. In 2008 Alliance & Leicester was taken over by Santander UK and he was briefly Alliance & Leicester's Group Risk Director until the takeover was completed. [3] [5
On 11 January 2010, the combined business of Abbey and the Bradford & Bingley branch network was renamed Santander UK, and all branches were rebranded at a cost of £12 million. [22] Alliance & Leicester was rebranded at the end of November 2010. [23] On 25 January 2010, the European Commission approved the state aid given to the bank. [24]