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Alliance & Leicester puts on brave face

The precarious financial state of Alliance & Leicester that led to it submitting to a cut-price takeover by Spain's Santander was revealed in financial results yesterday showing an almost complete wipe-out of its profits.

The precarious financial state of Alliance & Leicester that led to it submitting to a cut-price takeover by Spain's Santander was revealed in financial results yesterday showing an almost complete wipe-out of its profits.