07/07/03

Girobank, Alliance & Leicester Business Banking and Sovereign Finance to trade under new umbrella brand

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 strengthen its commercial bank offering. In particular, it will lead to:

Simplification: Business customers will now deal with one unified company, and can see more clearly how Alliance & Leicester Commercial Bank could service more of their banking and finance needs.

Clarity: The move will make it easier for people to recognise that Girobank is Alliance & Leicester’s commercial banking arm. Many people still believe that Girobank is owned by the Post Office and is associated in many people’s minds with the payment of benefits, even though Alliance & Leicester acquired the company in 1990. The name change removes potential confusion, whilst still highlighting the enormous benefit of having access to over 17,000 Post Office outlets.

Strength: The new brand builds upon the Girobank business, which has been a prominent feature of the Liverpool business scene over the past 35 years. The re-brand will also include the Manchester-based Sovereign Finance business – which is synonymous with quality asset finance - and was acquired by the Group in 1996.

Commenting on the re-brand, Richard Banks, Wholesale Banking Director at Alliance & Leicester, said: “We want to simplify how customers deal with us. We have a wide range of banking and other financial services within our Group. Instead of dealing, for example, with Girobank for cash services and separately with Sovereign Finance for asset finance, customers can now access a wealth of competitively priced finance offerings clearly branded ‘Alliance & Leicester’.

“Our aim is to combine and build on the strength of our individual brands. The creation of the Alliance & Leicester Commercial Bank brand will help us to grow our business in the future - capitalising on the well-known Alliance & Leicester brand on the high street.”

Bill Sutton, Managing Director of Alliance & Leicester Commercial Bank added: “I have seen many changes at Girobank since I joined the bank 34 years ago. I have been fortunate enough to watch the company grow and develop to become one of the biggest employers in the Liverpool region.

“Like Liverpool itself, we are moving with the times. We haven’t lost our history or heritage - nor has the way we do business changed. Re-branding under the Alliance & Leicester Commercial Bank name is a positive move for us and brings many added benefits for customers.”

The Alliance & Leicester Commercial Bank launches on Monday 7 July 2003. Richard Banks continues to head up the business as Wholesale Banking Director. He also sits on the Executive Board of Alliance & Leicester plc. Bill Sutton, previously Managing Director of Girobank becomes Managing Director of Alliance & Leicester Commercial Bank.

Provided by Alliance & Leicester