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Abbey buys Fleming Premier Banking

Abbey National&#39s banking subsidiary Cater Allen has bought Fleming Premier Banking from J P Morgan Chase & Co in a £106m deal.

Abbey says the acquisition will increase its market share in the mass affluent banking sector – catering for those with incomes between £30,000 and £100,000 – to 16 per cent from 3 per cent.

Fleming will initially be run alongside Cater Allen but Abbey intends to combine the two under a single brand within 12 months.

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