French bank 'will not bid' for A&L

24-08-2006

French bank Credit Agricole announced today that it had decided not to launch a takeover bid for Alliance and Leicester.

Credit Agricole revealed in May that it was considering making an offer for the UK's seventh-largest bank, but said that following "further analysis" regarding the returns the company was likely to generate, it had decided not to go ahead with a bid.

"In light of this analysis, Credit Agricole has decided that it does not wish to proceed with an offer for Alliance & Leicester," the French financial institution said in a statement.

Credit Agricole, which is targeting overseas takeovers in order to increase earnings, had previously made a bid to acquire full control of the Greek lender Emporiki, prompting speculation that it would abandon its declared interest in Alliance and Leicester.

Alliance and Leicester is frequently cited as a potential takeover target due to its limited growth prospects. While boasting a network of more than 200 branches, the company is one of the UK's smaller mortgage banks.

Dismissing Credit Agricole's statement, Alliance and Leicester said that the French bank had not submitted an offer for the group and stressed that its decision would not affect its own business objectives.

"The announcements by Credit Agricole have not diverted Alliance & Leicester from our focus on delivering our strategy and we welcome the clarification today's announcement provides," said Alliance and Leicester chief executive Richard Pym.

"We continue to progress well against our strategic objectives as we become the UK's leading direct bank," he added.


Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure