Banking mergers: A&L succumbs to Santander's £1.25bn bid

[Legal Beagles]

Unions and shareholders fear sale to Spanish bank will lead to job cuts and heavy losses for investors

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[agnes]

Re: Banking mergers: A&L succumbs to Santander's £1.25bn bid

Unions and shareholders fear sale to Spanish bank will lead to job cuts and heavy losses for investors

More...

At present we only have a current account and credit card account with A&L and that was because I opened it as my "parachute" account as advised by Martin, when putting my claim in last year against Barclays, ( which is stayed even after going to court to appeal) I have left my overdraft of £4,500, in B's with a small payment going in enough to cover interest and slowly bring it down, moved all DDs etc. So what effect if any will this take over have on this type of account if any??

[argentarius]

Re: Banking mergers: A&L succumbs to Santander's £1.25bn bid

The takeover, if it happens, won't have any tangible effect to you except that your parachute accounts will be with Abbey rather than A&L.

If your main accounts were with Abbey, and you had intended to parachute to A&L, that might be a different matter.

[argentarius]

Re: Banking mergers: A&L succumbs to Santander's £1.25bn bid

Just to update that, Santander haven't stated clearly that they will merge the two UK subsidiaries (Abbey and A&L) into one company, at least at the outset. It seems unlikely they'll keep the two going permanently as separate entities, but that's just my opinion.