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.”