Executive directors at Alliance & Leicester are to receive bonus payouts for remaining at the bank a year after the takeover by Spanish rival and owner of Abbey, Santander.

In a 257-page voting document, the 'retention arrangements' were set out, revealing that the directors will receive payments of between 75% and 125% of their salary if they continued with Santander until November next year.

Chief executive David Bennett is expected to collect a £750,000 bonus.

Other directors who will benefit include finance director Chris Rhodes who earns £450,000, risk director Richard Banks, who is on a salary of £345,000, and manufacturing director Ian Buchanan, who takes £310,000, the Telegraph reported.

A&L's 7,300 staff will each also receive 100 shares in Santander, worth £942.50 yesterday.

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