Spain's Santander agrees to buy Alliance Leicester for 1.26 bn pounds
Spain's biggest bank, Santander, said on Monday that it had reached an agreement to buy British bank Alliance and Leicester in a deal worth 1.26 bn pounds (1.57 bn euros).
By Agencies |
MADRID : Spain's biggest bank, Santander, said on Monday that it had reached an agreement to buy British bank Alliance and Leicester in a deal worth 1.26 bn pounds (1.57 bn euros).
Under the terms of the deal Santander, which already owns British bank Abbey, will offer one of its shares for every three shares in Alliance and Leicester, the Spanish bank said in a statement sent to market regulator CNMV.
"For Santander, the acquisition will deliver increased critical mass for the Santander Group in the UK market," the statement said.
"For Santander, the acquisition will deliver increased critical mass for the Santander Group in the UK market," the statement said.
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