New Abbey boss makes big promises for bank

8th June 2005, Comments 0 comments

8 June 2005, MADRID — The chairman of Spain's top bank Santander Central Hispano bank, Emilio Botin, promised to make recent British acquisition Abbey National "the best English bank" after last year's "spectacular" takeover.

8 June 2005

MADRID — The chairman of Spain's top bank Santander Central Hispano bank, Emilio Botin, promised to make recent British acquisition Abbey National "the best English bank" after last year's "spectacular" takeover.

Abbey National, the sixth-biggest British bank, became a wholly owned subsidiary of the Santander group in a takeover last November that made SCH the world's 10-largest bank.

SCH, the biggest bank in the eurozone by market capitalisation, spent EUR 12.70 billion to buy Abbey.

Botin said "one in five Britons is a Santander client" and said that the reconstituted entity had "progressed very positively in the seven months since the deal.

"We are very satisfied with this operation," he said.

Last month posted a 38.52 percent rise in first-quarter net profit to EUR 1.18 billion in results that for the first time consolidated figures from Abbey National.

[Copyright EFE with Expatica]

Subject: Spanish news

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