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Abbey in post-sales servicing deal with EDS

Abbey National is forming a joint venture with Electronic Data Systems for the post-sales servicing of its retail mortgages and personal loans.

The deal will create the UK&#39s largest third party administrator for lenders, servicing almost two million accounts.

The joint venture will facilitate daily interest calculation and enable customers to manage their mortgages and loans through the internet and digital TV. Abbey hopes the deal will save it £9m a year.

Abbey managing director of retail banking Andrew Pople says: “This will give our customers a better service and helps us reduce our costs and improve our processes.”

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