Alliance & Leicester shareholders agree sale to Banco Santander

Alliance & Leicester take over will go ahead after shareholders voted in favour of the acquisition by Santander the Spanish banking giant. This mean from October 10 2008, Banco Santander will take over ownership of the troubled British Bank, subject to the High Court approving the deal.

Banco Santander also own Abbey, which they acquired in 2004. In the meeting of shareholders held n Birmingham a whopping 84.14 percent of shareholders voted in favour of the takeover bid.

Alliance and Leicester, who offers, mortgages, loans, savings and current accounts have said that existing customers will remain unaffected by the takeover. It’s not been reported if the company will be re-branded, but A&L customers will see Santander branding on correspondence from the bank.

Shareholders of Alliance & Leicester have until Friday 10 October to sell their shares, if the thought of owning a Spanish investment is something they do not appeal to them.

Read full article at timesonline