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Abbey buys 5% stake in US firm E-loan

Abbey National is entering a strategic alliance with US on-line mortgage

giant E-loan after buying 5 per cent stake in the company for 6.5m.

The bank says its purchase of the equity stakes was a good investment

after Charles Schwab also took a 5 per cent stake.

Abbey says the new alliance could take many forms, including its proposed

online banking operation Cahoot selling E-loan-branded products.

Abbey could also decide to join E-loan&#39s UK lending panel or outsource any

mortgage processing to E-loan.

E-loan has online mortgage operations in the US, UK, Japan and Australia

and the partnership could open the door to cross-border selling by Abbey.

Group IT director Mac Millington says: “Its going to be a learning

exercise as well as a partnership.”

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