Alliance and Leicester Abbey Deal

Alliance and Leicester – Abbey Deal

The Competition Commission should not have any problems with Abbey’s owner Santander snapping up Alliance and Leicester for £1.2bn, according to the latter’s board.  Once the two banks combine, it would create a lending organisation that would have a 12.7 per cent share of the UK mortgage market.  

David Bennett, chief executive of Alliance and Leicester said the deal was still conditional on getting regulatory approval and shareholder backing, but the Spanish bank had already conducted due diligence.  In terms of what the purchase would mean for Alliance and Leicester and Abbey, Mr Bennett said in the sort-term there would be two brands.  He also said he hoped the acquisition would be completed by October.

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