View more on these topics

A&L staff set for £1000 bonus

Alliance & Leicester staff are set for a £1000 bonus if the Santander buyout is completed.

Earlier today the A&L board urged its shareholders to vote yes for the acquisition. If the expected move goes through Santander will give every staff member 100 free Santander shares.

According to an Abbey source, A&L employees are in line for the same bonus as Abbey workers received when their bank was taken over by the Spanish giants in 2004.

Currently Banco Santander shares are worth 928p each, meaning each staff member would get a £928 bonus. A&L currently have around 7500 staff, which means the Spanish bank will be giving away nearly £7 million.

Also, if any of the staff are A&L shareholders they will be offered even more by Santander – the deal proposed puts shares of A&L at 335p each, which can be cashed in from October 6.

A spokesman for Abbey says: “We received 100 Santander shares when we were bought, and we also received 100 shares on Santander’s 150th birthday. It is certainly a great bank to work for.”

A spokeswoman for A&L confirmed that if the deal goes through all staff will be offered the gift. She says: “Of course all the staff would be delighted with the shares, but there is still a long way to go before anything is set in stone.”

Recommended

Bond sales soar at Standard Life Intl

Standard Life International says total sales of its international bond have reached 593m. Sales in the first six months of 2008 were 270m compared with 284m for the whole of 2007.

Yield to the rules

When is a rule not a rule? It appears to be when it is applied to the UK equity income sector as more than half of the funds in the sector do not meet the required level of yield set by the Investment Management Association.

Investment matters Kira Nickerson

Friends Provident is adding two planning tools which it describes as e-finance to its online group pension.The first is a financial toolbox, which gives members a snapshot of all incomings and outgoings, while the second is a financial portfolio which enables members to input data and get an up to date valuation.Manager of pensions communications […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment