http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html en-gb 30 Thu 07 Jan 2010 07:05:53 GMT+1 A feed of user comments from the page found at http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=18#comment14 Another nail in the coffin of the British economy. Santander have decimated abbey made staff redundant and bought in spanish contractors who cost a fortune in air fairs and accommodation. Customer service is appalling ,Count the number of times Abbey is on watchdog. Santander shares have a spanish withholding tax taken off the dividends and all this done with spanish government subsidy. Staff are moved to various companies like Isban and Produban to hide the true cost of the bank. Look out Alliance and Leicster I hope your union is strong because Santander dont have unions in Isban , Produban and barely recognise them in Abbey. Lets all say whoopee to the shareholders of Santander in spain and latin america. Bye Bye British Banking..Look out the Big four you'l be next Tue 15 Jul 2008 22:39:08 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=17#comment13 Morgage liabilities - come on Robert - banks have deposit liabilities - mortgages are their assets even if they might be worth a bit less than face value Tue 15 Jul 2008 19:36:07 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=16#comment12 Santander can always asset strip A and L and use the cash to shore up their finances at home.Did I think that out loud ?Naughty me. Tue 15 Jul 2008 06:49:23 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=14#comment11 I work for Abbey and while it’s true there have been problems integrating a new computer system that Santander devised, things are improving. A + L customers can expect good service and shareholders should reap the rewards as the Spanish seem clued up and my shares in Santander have held up well. Mon 14 Jul 2008 22:03:55 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=13#comment10 I have to agree with TheresOnly1Soupey (post #8). I've had a current account with Abbey for ~15 years, and I don't think I had cause to complain once up until a couple of years ago. Since the takeover by Santander, the service has been simply dire - almost overnight the staff suddenly appeared to become completely inept.With Spain experiencing its own housing crash, I'm actually really surprised to hear that Santander are in such good financial shape. If so, it's a shame their business acumen doesn't seem to extend to the actual service they provide. Mon 14 Jul 2008 19:00:40 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=12#comment9 I still think Convertible Preference Shares are a great way to raise capital.Alliance and leicester feared the alternative to being taken over too much to argue the point with Santander.What would the Shortsellers have done to them if they hadn't agreed ?I think Stockmarket Investors should look below the surface a bit more.There is more to this than meets the eye! Mon 14 Jul 2008 13:26:55 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=10#comment8 A year ago you would have been laughed out of the boardroom for proposing to buy Alliance and Leicester for 317p per share. The shares were, after all, trading at 1124p and recorded earnings per share of 59.4p in 2007 (96.4p EPS in 2006).Alliance and Leicester shareholders should hold out for a better offer, the current bid massively undervalues the bank. It is, after all, highly unlikely that the UK would be subject to the massive fall in house prices as seen in America. The UK mortgage market is fundermentally different. Mon 14 Jul 2008 12:55:26 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=9#comment7 Robert,I think you have missed a key point in your analysis for 'what it means for customers'.I was an Abbey customer when Santander took over - and I witnessed a massive failure of customer services and the ability to resolve anything. Even the simplest of changes to my account resulted in hours wasted on the phone and by writing letters to get some of the issues resolved as there was massive confusion about who's responsibility the issues were. Needless to say, I parted company with Abbey soon after the takeover.Unfortunately I have recently signed up with Alliance and Leicester and it looks like I will have to go through the whole thing again. The customer service is not the best to start with and I dread to think what it will be like during the takeover and after it. Yes Mr Preston, the big losers will always be the customers because they have to be on the receiving end of staff who know they are being made redundant and don't care, as well as new staff who don't know what they're doing. The competition commission should prevent this takeover on the grounds that a) Santander are unable to provide a smooth transition for the customer (based on previous history) b) The result will be a larger and more innefficient bank which will not be any 'safer' or 'sturdy' than the 2 seperate entities we have now. Mon 14 Jul 2008 12:22:32 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=8#comment6 #1. bit harsh :) We all knew it was probably Santander but confirmation was important since on the off-chance it was someone else, there could have been a Santander counterbid. Santander have ABM Amro they got they sold some of it almost immediately and got most their money back. Now they use their cash pile to buy at fire sale prices.In short, Santander have been pretty shrewd and it reassures that maybe while we all know bad news is coming and it will probably get a lot worse, the complete armageddon that is built into almost all bank share prices is at the extreme end of probabilities. Mon 14 Jul 2008 11:42:38 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=6#comment5 Is it a good idea from, a competition viewpoint, to have one less bank on the High Street?How many jobs will be lost at A+L if the merger goes ahead? Mon 14 Jul 2008 11:36:34 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=5#comment4 So as all the Brits move to Spain, Spanish business moves to Britain. Mon 14 Jul 2008 11:15:37 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=4#comment3 Could this be the start of banks taking each other over?Each grouping attempting to be "The Bank That Is Too Big To Fail". Mon 14 Jul 2008 10:37:31 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=2#comment2 Wow, now all (or many) of the small Share holders have been scared away by Shortsellers, the bidders appear !But do the other High Street Banks let Santander buy up a strategic asset like AL on the cheap ?Good question !Folks will probably be eyeing up B and B next. Mon 14 Jul 2008 09:49:46 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=1#comment1 Why would a bank take on "massive mortgage liabilities" when it could cherry pick them just as Lloyds are doing with Northern Crock? The answer lies in the comment regarding the FSA believing that 'BIG' is beautiful. HM Treasury will be sending 'policy' down to the FSA for implementation, in other words, "We have a crisis and you lot need to mop it up or we are all going bust". Mon 14 Jul 2008 09:08:11 GMT+1 http://www.bbc.co.uk/blogs/thereporters/robertpeston/2008/07/santander_bids_for_al.html?page=0#comment0 Great exclusive reveal Robert, since Radio 5 live said it was Santander in a passing comment at 8:31 this morning when the news broke on the stock exchange.Keep up the good work! Mon 14 Jul 2008 09:00:58 GMT+1