A&L in merger talks
Sunday 23 May 1999
The marriage of Ireland's second largest bank and the demutualised building society would create the UK's fifth largest mortgage-lender, with a market capitalisation of more than pounds 11bn. If the talks - which are expected to be formally confirmed tomorrow - are successful, it will increase the pressure on other UK lending institutions to form partnerships.
The merger would also be the first sizeable banking deal in the European Union between a bank from the euro zone (Ireland) and a non-member (UK) of the single currency. Bank of Ireland bought Bristol & West, also a former building society, in 1997 for pounds 600m.
Its desire to expand further into the UK has been thwarted, however, by the reluctance of many building societies to float.
Analysts say a counter bid for Alliance & Leicester is unlikely. Under building society legislation, demutualised building societies are protected from a hostile merger for five years from their flotation, a period which in Alliance & Leicester's case would run until 2002.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Prince Harry leaving the armed forced to pursue conservation projects in Africa
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...