Get used to it: Santander is here to stay

Some might say deservedly, buts some of Britain’s best known banking brands will be removed from the UK’s high street, on news that Santander, the Spanish bank who first set foot in the UK market with the purchase of Abbey and later acquired both Alliance & Leicester as well as the savings branch of Bradford & Bingley announced that from next year all branches would trade under the Santander label. The British public will need to get used to seeing Santander, especially when they are about to invest around £12million on a major makeover, rebranding branches and product livery with their already well known and ever distinctive logo of a white flame on a red background.

A spokesman for Santander pointed out that when the Spanish bank entered the UK market five years ago, only 20 per cent of the public were aware of the company. This figure is believed to have raised four -fold largely due to Santander’s sponsorship of the British Grand Prix and their partnership with current Formula One champion Lewis Hamilton.

The in-your-face presence of Santander in the UK high street might represent a turning of the page for many who would associate the companies that will be replacing as unpleasant memories..

On the FTSE yesterday media stocks provided the only highlight, with ITV topping the bill, jumping by 12.5 percent after renewed speculation of a tie-up with Mediaset, Italian Prime Minister and business magnate Silvio Berlusconi’s media group.

Financial stocks also made gains with Man Group rising 5.4 per cent to 250p ahead of full-year results due on Thursday. There is speculation that the company’s retail fund launches are likely to have exceeded analyst’s expectations.

After abandoning a proposed deal to acquire 49 per cent of a China based asset management business from fortis, shares in Old Mutual rose 4.9 per cent to close on73½p.

Tour operators were buoyant on the news of Sterling’s continued recovery Intercontinental Hotels led the way, climbing by six per cent to 675p. Shares in Thomas Cook also rallied by four per cent to 233¾p.

Spirits were low at Diageo as shares slipped by one per cent to 843½p after French owners Pernod Ricard announced that talks of a recovery in the wine market might be premature.

At the end of a subdued day, the FTSE 100 closed up 4.51 points to 4,416.23, due to very low levels of trading. The FTSE250 closed on 7,588 down 26 points from Tuesday

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Tags: Abbey, Alliance and Leicester, Bank, Economy, Financial News, Santander, Stocks and shares, UK Banks