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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.”

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