General Information
History
History
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The Alliance & Leicester Group can trace its origins back to 1852 and the formation of the Leicester Permanent Benefit Society.
Two key events in the history of the Group were the merger between the Alliance Building Society and Leicester Building Society in 1985 to form the Alliance & Leicester and the purchase of Girobank from the Post Office in 1990.
The Group's history has been split into three sections below:
2008
Alliance & Leicester Commercial Bank named as Business Banking Current Account Provider of the year for the sixth consecutive year by Business Moneyfacts.
2007
The Group opened a further ten business centres during 2007, making a network of 19. Since December 2007, the business centre network has been targeting and servicing businesses with a turnover of up to £25m, up from the original £10m limit.
The Group launched ‘Premier 50’, a current account aimed exclusively at the over 50s market. It offers a credit interest rate of 7.0% AER and has an exclusive range of benefits attached, for £10 a month. The benefits include Travel Insurance, Health Benefits, Identity Protection and Alert and Card Care.
In June the Group announced that David Bennett, Group Finance Director of Alliance & Leicester plc, will become the company’s Group Chief Executive with effect from 27 July 2007. This follows the announcement in February that Richard Pym, Group Chief Executive, had asked the Board to consider his successor, resulting in an extensive search process which considered a range of internal and external candidates. Chris Rhodes, currently Managing Director, Retail Banking, will become Group Finance Director. The Retail Banking business will report directly to David Bennett, the Commercial Banking business will continue to report to Richard Banks.
Alliance & Leicester Commercial Bank named as Business Banking Current Account Provider of the year for the fifth consecutive year by Business Moneyfacts.
The Group announced that from 30 March 2007 the business currently operated by Alliance & Leicester Commercial Bank plc will transfer to Alliance & Leicester plc.
In February 2007 Richard Pym announced that he had asked the Board to commence the process for finding his successor. An external Search Consultancy has been appointed and will, during 2007, be looking at a range of internal and external candidates. A fixed timetable has not been set for the process.
The Group was the first bank in the UK to be given permission by the FSA to start operating under the new Basel II capital rules from 1 January 2007.
2006
We enhanced our Retail and Commercial product portfolios in 2006. We launched a secured loan product in partnership with Cattles plc, and entered the specialist mortgage market under an agreement with Lehman Brothers. In Commercial Banking we launched our pre-paid debit card for the business-to-business market.
Commercial Banking launched a new internet banking service including an online application process to enable businesses to open any of its range of current and deposit accounts online.
Our Retail Banking internet banking service is one of the most secure in the UK following the introduction of second factor authentication for all customers in March 2006.
Refurbished a total of 49 branches using our new branch design concept. These branches operate with more flexible opening hours, to meet their local customer needs.
Opened a further 4 business centres and now have a total network of nine. Our business centres are focused on businesses with a turnover of between £1m and £10m and are fundamental to the successful delivery of relationship banking.
Issued £300m of non-equity tier 1 capital in the form of preference shares in May.
Completed a £2.5bn securitisation - the first issue under our Fosse Master Trust.
Announced plans to replace the Group's core banking systems with one common, modern, real time, customer focused platform called Alnova. This is an already established system used all over the world. It was developed by Accenture and the Group will be working closely with them to implement the system over the next three years.
Re-negotiated a two year deal with npower for the supply of pure green electricity to the Group's eight main sites. A similar deal has been struck for the branch network and smaller offices.
Commercial Bank signed a contract with Alphyra, owner of payzone, Europe's largest cash acceptance network. Customers will be able to make bill payments at payzone's 17,000 outlets in the UK as well as the Post Office network.
We were awarded the Spirit of Merseyside Award for Corporate Social Responsibility at the inaugural awards evening of the Community Foundation for Merseyside. The award recognises the proactive role played by the Group and its staff in investing time and funds in the local community.
Announces a new partnership with St. Saviours High School in Bootle, Liverpool enabling the school to gain Specialist status in Business and Enterprise. As part of the partnership Alliance & Leicester has provided the school with a £50,000 donation.
2005
Sir Derek Higgs was appointed the Group's Chairman in October 2005 taking over from John Windeler who announced his retirement at the AGM in May.
During the year we announced the appointment of Rod Duke and Malcolm Aish to the Board as non-executive directors.
Alliance & Leicester Commercial bank opened a network of Business Centres in Bristol, Manchester, Leeds and Newcastle to complement the existing centre in Leicester. The centres focus on businesses with a turnover of between £1 million and £10 million.
We launched www.moneyback.co.uk our internet only personal loans proposition.
2004
Alliance & Leicester staff in Leeds celebrate the 20th anniversary of the Group's Leeds Call centre.
Announces a new partnership with Soar Valley Community College in Leicester enabling the College to gain Specialist status in maths and computing. As part of the partnership Alliance & Leicester has provided the school with a £50,000 donation.
Alliance & Leicester agree to continue to sponsor Leicester City Football Club for a further two years.
Margaret Salmon appointed as a non-executive director in July 2004.
Premier Plus current account launched - a current account which rewards customers who use the telephone or internet to carry out their financial transactions. The account offers a market leading credit interest rate for customers who regularly fund their account and manage it directly.
Alliance & Leicester complete the availability of the Core 4 Retail Banking products on-line with the launch of the Online Saver savings account
Alliance & Leicester announced the sale of its commercial bank's merchant acquisition business to a UK affiliate of NOVA Information Systems (NOVA). NOVA, a wholly owned subsidiary of US Bancorp, has purchased Alliance & Leicester Commercial Bank's existing business and entered into a long term marketing alliance under which Alliance & Leicester will refer new customers to NOVA for acquiring services. The service will continue to be marketed under the Alliance & Leicester brand.
Alliance & Leicester raises £300m of non-equity tier 1 capital in March 2004.
Jane Barker appointed as a non-executive director from January 2004.
Alliance & Leicester plc announces that as of 7 July, Girobank and Alliance & Leicester Business Banking will be operating under a single name - 'Alliance & Leicester Commercial Bank'. The brand will also include Sovereign Finance. The move reaffirms Alliance & Leicester's commitment to strengthening its commercial bank offering.
Chris Rhodes appointed Managing Director, Retail Banking from 1 October 2003.
Wholesale Banking strategy review completed. Wholesale Banking will focus on four core areas - cash, business banking, commercial lending and Treasury.
On 15 November the Group celebrates its 150th anniversary. On 15 November 1852, John Henry Davies founded the Leicester Permanent Benefit Building Society in Leicester.
On 1 August, the Group announces the launch of a new partnership with MBNA Europe Bank Limited for the marketing and management of new and existing credit card customers. As part of the partnership MBNA has purchased Alliance & Leicester's existing credit card accounts and will become the credit card provider. All new and existing cards will continue to be branded Alliance & Leicester.
The successful partnership with Legal & General is extended to include the provision of term assurance (life and critical illness) products from 1 August 2002.
Richard Pym announces, on 15 April, that from 1 June Chris Rhodes will join the Group board as Director of Operations.
John Windeler announces that from 1 June he will be reverting to his role of non executive Chairman and Richard Pym will be promoted to Group Chief Executive.
Commercial bank announces a new partnership with Securicor for the provision of cash centre services for Alliance & Leicester Cash Solutions customers.
The Group ends a 52 year association with its London offices in Park Lane by moving to Ulster Terrace from 21 January 2002.
Full launch of the Premier current account, offering customers a phone save account a current account with a credit card, free travel insurance together with discounts on mortgages, and insurance.
Strategic partnership launched with Legal & General to offer customers a wider range of long term savings and investment products. From May 2001, Alliance & Leicester branches offer a full range of L&G products.
Alliance & Leicester has launched an on-line mortgage application solution for mortgage intermedaries which offers them a faster and more efficient service.
Alliance & Leicester has agreed to donate a total of £250,000 over the next 3 years to the 'Beating the Odds' campaign run by Leicester Education Action Zone. The campaign aims to secure continued private sector funding for what has been one of the most successful zones in the country since this Government initiative started in 1998.
Girobank launches a bill payment website enabling customers to make on-line bill payments.
Girobank launches an on-line banking services for small business customers.
Alliance & Leicester announces its new customer-focused strategy, including setting key revenue and cost targets for the next three years.
Alliance & Leicester's small business banking services re-launched under the Alliance Business Banking brand.
Alliance & Leicester and What Car? launch Car Price Index - first ever authoritative market indicator of car prices in Britain, assisting consumers with more informed buying decisions and a platform for comment and analysis on both car price and economic trends.
MortgageDirect launched, providing a telephone and internet mortgage service facility.
John Windeler appointed Executive Chairman
Alliance & Leicester Personal Finance secures its millionth unsecured loan since opening for business in 1989.
First applications taken over the internet for credit cards, loans and current accounts.
Alliance & Leicester launches the UK's first credit card offering customers money back on every purchase made using the card.
On 21 April Alliance & Leicester successfully converts from a mutual building society to a bank and becomes a listed plc.
Alliance & Leicester joins the FTSE 100.
Alliance & Leicester announced its intention to convert from a mutual building society to a public limited company in 1997, giving existing members free shares.
Girobank entered merchant acquisition market (the processing of debit and credit card transactions)
Girobank acquired Sovereign Finance plc and re-entered the leasing and asset finance markets.
The Personal Finance services of Alliance & Leicester and Girobank amalgamated and the Alliance current account launched, offering 24-hour telephone banking.
Alliance & Leicester (Girobank) Act passed, allowing legal integration of the two personal customer bases from the bank and the building society.
Girobank became part of Alliance & Leicester Building Society on July 2, the first time a building society had bought a clearing bank.
Alliance & Leicester (Isle Of Man) Ltd - offshore investments subsidiary launched.
Girobank achieved British Standard's BS5750 registration for Operations.
Alliance & Leicester Building Society enters closed negotiations to purchase Girobank as preferred bidder.
The intention to privatise the bank announced in the House of Commons (7th June).
LINK and MATRIX cash dispenser network announce plans to merge.
Launch of LINK network (Girobank founder member).
Bank became an associate member of Committee of London Clearing Banks (CLCB).
Acquired Listed Bank Status.
Change of name from National Giro to National Girobank.
The Post Office Banking Services Act enabled Giro to compete with other banks for Government Money Transfer business. It also allowed the Giro to lend and to pay interest on deposits.
Limited overdrafts introduced on some personal accounts and selected business accounts.
Business Customers allowed to deposit mixed cash and cheque transactions at post offices.
National Giro became a separate business within the Post Office corporation
Independent review of Giro's viability is carried out by Cooper Brothers (Accountants) leading to the Government's support for the continuation of Giro (which became known as the 'Green Light').
Business deposit service for corporate customers introduced.
National Giro officially opened by the Prime Minister of the day, Harold Wilson.
Start of unemployment benefit payments through 'Giro'.
Alliance & Leicester Personal Finance Ltd (ALPF) - unsecured lending subsidiary launched.
The Alliance and Leicester Building Societies merged to form Alliance & Leicester Building Society on October 1. At the time this was the largest building society merger ever, with combined assets of £7bn.
First bond introduced by the Alliance to raise finance through wholesale money markets.
Leicester Permanent merged with the Leicester Temperance & General. At the time, this was the biggest ever building society merger.
Alliance became the first building society to offer a fixed rate bond guaranteeing an interest rate for a full year.
Alliance's assets passed the £100m mark in its centenary year.
First building society computer installed by the Leicester Permanent.
Alliance became the first Society to offer 35-year mortgages.
Alliance's programme of mergers continued, resulting in it becoming one of the 'Top 10' UK Building Societies.
The Leicester Permanent Building Society undertook a major initiative to establish itself on a national basis by opening a number of new branches beyond home territory.
The Brighton & Sussex's amalgamations with other local societies commenced, culminating at the end of the War with a name change in 1945 to The Alliance Building Society and the opening of a national branch network.
The Brighton & Sussex Equitable Building Society began a significant expansion programme.
Leicester Temperance & General Permanent Building Society founded.
Brighton & Sussex Equitable Building Society founded.
The Leicester Permanent Building Society became operational in January.
John Henry Davies proposed the formation of the Leicester Permanent Benefit Society before a public meeting.