Santander woos execs with bonus bonanza

Laura Stavro-Beauchamp
19-Aug-2008
Santander is offering bonuses of between 75% and 125% of their salaries to key executives if they agree to stay on at Alliance & Leicester until next December.
Recipients include David Bennett, chief executive at A&L, and directors Chris Rhodes, Richard Banks and Ian Buchanan.

If they leave before then on good terms, due to either ill health or redundancy, they will also be entitled to a pro-rata payment.

The bank is also giving 100 shares - currently selling at 928.5p - to each A&L employee should the deal go through.

Shareholders are set to vote on the takeover on September 16.