Even in febrile times, Santander makes it look easy. Last year the Spanish bank grabbed the best bits of ABN Amro for a bargain. It also began sponsoring the McLaren Mercedes Formula One team just as Lewis Hamilton became motor racing's hottest property. Fresh from a win at the British Grand Prix last weekend, Santander's management no doubt decided to pick up a UK bank en route to the airport.

That bank is Alliance & Leicester, which yesterday agreed to an all-paper offer of 299p a share, plus the right to receive an 18p interim cash dividend. Its share price leapt 53 per cent on the news, to 335p, suggesting investors think that either Santander will have to go a tad higher or that other bidders will emerge.