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Abbey names ex-UBS man as new boss

Troubled banking group Abbey National has appointed Lugman Arnold as its new group chief executive.

Arnold, who will take up his new role and a position on the board as of October 21, replaces Ian Harley, who left the company in June after a series of profit warnings.

He has 30 years banking experience, most recently with UBS Warburg where he was president from 1996 to 2001.

Abbey is at the centre of rumours about possible takeover deals with both the Bank of Ireland and National Australia Bank having made approaches recently.

Abbey National chairman Lord Burns says: “Lugman is a highly talented and experienced banker, with a proven track record in managing complex businesses facing challenging times. He clearly has outstanding leadership and strategic skills, and is the ideal person to steer Abbey National back to a strong growth path. I am absolutely delighted he is joining us.”


CML seeks easier access to Islamic loans

The Council of Mortgage Lender is calling on the Government to remove barriers to Islamic mortgages. It says although Shari&#39ah-compliant mortgages already exist, legal hurdles make them relatively expensive, but with 3 million UK Muslims, there is a significant potential market for Islamic mortgages. It says members of the working party convened under the Bank […]

Derbyshire slashes fixed mortgage rates

Derbyshire Building Society has slashed rates on its range of three-year fixed rate mortgages. From this week borrowers can obtain a three-year loan – fixed until November 2005 – from 4.65 per cent with no mortgage indemnity charge, no valuation fee and daily calculated interest. There is no early redemption charge after the fixed period.

Scottish Mutual makes investing Ea5y

Scottish Mutual has established the Ea5y income bond, a guaranteed equity bond that offers a choice of two income options or a growth option.The name of the product is a play on the word easy using the number five because it has a five-year term. It offers investors a choice of annual income at 6.25 […]

Insight Investments – Insight Investments European Smaller Companies

Friday, 18 October 2002 Type: Oeic Aim: Income by investing in European smaller companies Minimum investment: Lump sum £2,000, monthly £100 Investment split: 100% in European smaller companies Isa link: Yes Pep transfers: Yes Charges: Initial 5.25%, annual 1.5% Commission: Initial 3%, renewal 0.5% Tel: 0845 8506050

Don’t play chicken with the Bank of Japan

By Josh Ausden, Head of Client Investment Strategy, Neptune Short-term yen strength has hurt the Neptune Japan Opportunities Fund but recent events have only added weight to our conviction that the Bank of Japan will act to ease policy, boosting multinationals’ profits and weakening the yen. In recent weeks the performance of the Japanese stockmarket […]


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