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26/07/2004
Abbey board agrees to £8.5bn takeover deal
The board of the Abbey National has agreed to a takeover deal from Spanish giant Banco Santander worth around £8.5 billion.
Following to advice from Morgan Stanley, the Abbey Board said that it intended to "unanimously" recommend that its shareholders vote in favour of the scheme.
The directors of Abbey have confirmed to Banco Santander that they intend to vote in favour of the scheme.
The combination of Banco Santander with Abbey will create "a unique multi-local retail bank" and the tenth largest bank in the world, the companies said. Headquartered in Madrid, Banco Santander Group was the second largest banking group in the Euro zone as at 31 December 2003. The Abbey is currently Britain's second largest mortgage lender.
In a statement, Banco Santander said it believed that Abbey was an "attractive platform through which to enter the profitable UK banking market, with significant potential".
Under the terms of the acquisition, Abbey shareholders will receive one share in Banco Santander for every share they own – and shareholders can also expect 31p per Abbey share.
The acquisition is conditional on, amongst other things, certain approvals by Banco Santander shareholders and Abbey shareholders, and the sanction of the scheme by the Court.
The acquisition will be governed by English law and will be subject to the applicable rules and regulations of the UK Listing Authority, the London Stock Exchange and the City Code. In addition, the acquisition will be subject to the applicable requirements of Spanish law and regulation.
Emilio Botin, Chairman of Banco Santander, said: “Abbey’s leading position in the UK mortgage market, combined with its strong distribution network, represents for Banco Santander and Abbey shareholders a value-creating opportunity based on the application of Banco Santander’s commercial and technological best practices to Abbey’s banking operations. Abbey’s business will contribute to reinforce our pan-European franchise and provides the Group with a more balanced stream of earnings.”
Luqman Arnold, Chief Executive of Abbey, said: “Banco Santander's outstanding retail financial services skills - both marketing and operational - will provide key resources and know-how to accelerate implementation of Abbey's personal financial services strategy whilst simultaneously reducing execution risk. Our shared commitment to consumers will bring undoubted benefits to our customers and shareholders. Banco Santander's proven ability to operate successfully in a diverse range of countries and cultures bodes well for the success of the combination.”
(gmcg)
Following to advice from Morgan Stanley, the Abbey Board said that it intended to "unanimously" recommend that its shareholders vote in favour of the scheme.
The directors of Abbey have confirmed to Banco Santander that they intend to vote in favour of the scheme.
The combination of Banco Santander with Abbey will create "a unique multi-local retail bank" and the tenth largest bank in the world, the companies said. Headquartered in Madrid, Banco Santander Group was the second largest banking group in the Euro zone as at 31 December 2003. The Abbey is currently Britain's second largest mortgage lender.
In a statement, Banco Santander said it believed that Abbey was an "attractive platform through which to enter the profitable UK banking market, with significant potential".
Under the terms of the acquisition, Abbey shareholders will receive one share in Banco Santander for every share they own – and shareholders can also expect 31p per Abbey share.
The acquisition is conditional on, amongst other things, certain approvals by Banco Santander shareholders and Abbey shareholders, and the sanction of the scheme by the Court.
The acquisition will be governed by English law and will be subject to the applicable rules and regulations of the UK Listing Authority, the London Stock Exchange and the City Code. In addition, the acquisition will be subject to the applicable requirements of Spanish law and regulation.
Emilio Botin, Chairman of Banco Santander, said: “Abbey’s leading position in the UK mortgage market, combined with its strong distribution network, represents for Banco Santander and Abbey shareholders a value-creating opportunity based on the application of Banco Santander’s commercial and technological best practices to Abbey’s banking operations. Abbey’s business will contribute to reinforce our pan-European franchise and provides the Group with a more balanced stream of earnings.”
Luqman Arnold, Chief Executive of Abbey, said: “Banco Santander's outstanding retail financial services skills - both marketing and operational - will provide key resources and know-how to accelerate implementation of Abbey's personal financial services strategy whilst simultaneously reducing execution risk. Our shared commitment to consumers will bring undoubted benefits to our customers and shareholders. Banco Santander's proven ability to operate successfully in a diverse range of countries and cultures bodes well for the success of the combination.”
(gmcg)
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17 May 2005
M&S announce new chairman
Marks and Spencer have announced that chairman Paul Myners will step down at the company’s annual general meeting in July 2006. Lord Burns, who is currently chairman of Abbey National and Welsh Water, as well as a non-executive director of Banco Santender Central Hispano, Pearson Group and British Land, will replace Mr Myners.
M&S announce new chairman
Marks and Spencer have announced that chairman Paul Myners will step down at the company’s annual general meeting in July 2006. Lord Burns, who is currently chairman of Abbey National and Welsh Water, as well as a non-executive director of Banco Santender Central Hispano, Pearson Group and British Land, will replace Mr Myners.
14 January 2004
Abbey axes call centres but invests in Belfast
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. However, sites at Belfast, Bradford, Glasgow, Milton Keynes and Sheffield will receive a £25 million three-year investment in IT, training and the working environment.
Abbey axes call centres but invests in Belfast
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. However, sites at Belfast, Bradford, Glasgow, Milton Keynes and Sheffield will receive a £25 million three-year investment in IT, training and the working environment.
25 May 2005
Abbey fined £800,000 for mishandling complaints
Fiscal watchdog, Financial Services Authority (FSA) has fined Abbey National plc £800,000 for mishandling complaints relating to mortgage endowment policies.
Abbey fined £800,000 for mishandling complaints
Fiscal watchdog, Financial Services Authority (FSA) has fined Abbey National plc £800,000 for mishandling complaints relating to mortgage endowment policies.
10 June 2002
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
21 February 2002
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001. The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001. The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
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