Who owns Alliance & Leicester?

 Hello
 
I have internet accounts with both Abbey and Alliance and Leicester.  I believe both are now owned by Santander ?  If so, does this mean that my savings are only covered up to £35,000 by the FSCS ?
 
Many thanks for any help you can give me.

With regards to your query concerning Santander, Abbey and Alliance & Leicester, although Alliance & Leicester shareholders have voted for the merger, the take over has not yet been confirmed so until such time the Compensation Scheme still covers Abbey and Alliance & Leicester individually. When this does go ahead it will depend the Banking Licence obtained, whether Santander will hold a licence for both or whether they decide to continue under separate licences. You will need to contact the Banks direct to find out this information.

 ah but santander being a spanish bank are they covered in the same way as british banks

Hi George,

Both Abbey and Alliance & Leicester are British based banks, as such are both fully registered with the FSA to accept deposits.

 hi stephen

surely when santander buys a bank does it not become spanish, also what govt gets tax from profits spain or britain. hsbc owns banks all over the world but thought for tax purposes britain is the one that benefits.

 Not necessarily. If A&L retain their FSA authorisation to accept deposits in the UK, the full force of UK law applies to them. This will include the compensation scheme. This is the case with Abbey. If Santander chose to operate A&L and Abbey out of the same banking licence (in the same way as HBOS rull all their brands), this would then impact protection available from the scheme.

 ah but which country recieves the taxes charged on the bank for profits made in the uk division.