A&L shelves stand-alone web bank plan


A&L shelves stand-alone web bank plan

Mortgage bank Alliance & Leicester has shelved its plans to launch a stand-alone Internet bank aimed a band of mass affluent customers.

The bank was due to offer a wealth management service, including options like stockbroking at its launch early next year. A&L has already spent £15 million developing the service.

The bank has now opted to target the mass affluent - those with around £50,000 to invest - with new products on its existing Website rather than launch a stand-alone brand.

The company said the technology it had already developed with be used to launch new products on its existing website.

Peter McNamara, A&L group managing director said a lot of banks were already targeting the mass affluent. "We decided we could get a better return building this [service] as part of our existing website."

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