View more on these topics

Santander transfers A&L shares to Abbey

Spanish banking giant Banco Santander is boosting Alliance & Leicester’s capital position by transferring its A&L shares to Abbey.

As part of the deal, Abbey will issue ordinary shares to Santander in exchange for the parent group’s shares held in A&L.

It is expected this swap will take place on or around January 9 2009.

Abbey has also injected £950m in capital into A&L today partly through a subscription of 234,113,712 A&L ordinary shares for cash at £2.99 per ordinary share.

The remaining capital came via a further $220m and €115m in undated subordinated notes issued by A&L.

The move means that Abbey now holds 35.6% of the issued share capital of A&L.

This latest capital injection recycles capital injected into Abbey by Santander on October 12.

Recommended

Evaluate introduces modular sourcing

Evaluate Technologies has developed a modular proposition for its EvaluateConsumer sourcing solution, which makes it available to any firm – regardless of budget or sales process.

Two Rock remortgage panel members named

Countrywide Mortgage Services and the broker arm of estate agency Connells are just two of the brokerages Northern Rock recommends when it contacts borrowers to encourage them to remortgage with other lenders.

Image courtesy of Stuart Miles at FreeDigitalPhotos.net

Pension freedom: wish you were here?

Out there lies a warm ocean of desert islands, sun, sand and palm trees, where individuals can choose how and when to tax-efficiently access their pension fund and realise the retirement dreams they have worked so hard for.

Newsletter

News and expert analysis straight to your inbox

Sign up