Simplify the following text for a Grade 8 native English-speaking person.
Original: The group announced in July 2008 that it intended to takeover the UK bank Alliance & Leicester , with Â # 24bn in deposits and 254 branches .
Simplified: The group announced in July 2008 that it intended to takeover the UK bank Alliance & Leicester . Alliance & Leicester had Â # 24bn in deposits and 254 branches .