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miercuri, 21 martie 2012

Alliance and Leicester's takeover by Santander

Alliance and Leicester's takeover by Santander

by Heather Patterson

Bradford and Bingley were one of the many banks that suffered at the hands of the credit crunch that hit the United Kingdom in 2008. They began to struggle profusely on their own, and were on the brink of bankruptcy with no help in sight when thankfully the Spanish banking group Santander stepped in.

Santander purchased Bradford & Bingley's 20 savings business with a total of 2.7 million customers. Santander also purchased Bradford & Bingley's 197 retail branches, as well as 141 agencies and all their employees. They were then transferred to Santander's recent acquisition, Abbey. Santander also took on all of Bradford and Bingley's retail and branch network in the UK and Isle of Man. Public ownership of its mortgage book, personal loan book, headquarters, treasury assets and its wholesale liabilities was announced by the UK government.

Alliance and Leicester building society only transferred its business to Santander on 28th May 2010, after a hearing at the Royal Courts of Justice on 13th May 2010 granted permission. This is part of the procedure that must be strictly followed under the Financial Services and Markets Act 2000. Before this date, the Alliance & Leicester was still classed as being a separate institution with its own banking licence, although they commenced in migrating customer accounts to the Partenon software system used by Santander banking group.

Abbey and the Bradford & Bingley savings business were the first two banks to be acquired by Santander, and rebranding of these banks' branches went ahead in January 2010. Branches of Alliance & Leicester were later rebranded by the end of 2010, at a total cost of 12 million.

Understandably there were some very angry former shareholders of Bradford & Bingley as they were not offered reimbursement for their shares in the bank, which the Government was now in control of for the most part. The UK Shareholders Association received around 300 complaints from furious private Bradford & Bingley shareholders, who wanted to know what the fate of their holdings was. The HM Treasure brought in independent evaluators to value the company and shares, and by June 2010 the matter was resolved.

Get more information on <a href='http://www.moneybright.co.uk/info/ppi-claims/articles/abbey-santander-ppi-claims'>Santander PPI claims</a> & <a href='http://www.healthandbeautylistings.org/MoneyBright/D820.htm'>compensation</a>.

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