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Abbey National pays £26m in merger advisory fees

Abbey National has faced costs of £26m as a result of its ill-fated merger attempt with the Bank of Scotland and its defence against Lloyds&#39 attempted hostile takeover.

The £26m in advisory fees have been called a reasonable estimate by chief executive Ian Harley who says the costs are equally divided between the two bids.

Despite, its poor luck as of late, the bank still has an appetite for any possible merger or acquisition as long as it brings value to shareholders says Harley.


CML says lenders must innovate to keep share

Mortgage lenders must continue to innovate with new products or facedramatic loss of market share, warns the Council of Mortgage Lenders. Research by the CML suggests the ageing and increasingly migratoryhomebuying population will look to lenders capable of offering a morediverse range of mortgages over the next 20 years and desert those which donot. The […]

Mellon moves into hedge territory

Mellon Global Alternative Investments, the UK-based subsidiary of the US company Mellon Financial Corporation, has introduced the Mellon global alternative investment fund.Domiciled in Dublin, the product is a fund of hedge funds that has been set up as an open-ended investment company (Oeic). It is aimed at offshore investors, as well as UK citizens, who […]

SocGen flies west

SOCGEN American Growth Unit Trust Type: Unit trust. Aim: Growth by investing in quoted US companies. Minimum investment: Lump sum £1,000, monthly £50. Investment split: US 88 per cent, Canada 2 per cent, futures 7 per cent, cash 3 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5.25 per cent, annual 1.5 per […]

Abbey profits up 15 per cent

Abbey National has announced its profits are up 15 per cent to £1.06bn for the first 6 months of this year, from £922m last year.The announcement comes a fortnight after trade secretary Patricia Hewitt blocked Lloyds TSB&#39s takeover attempt.Abbey&#39s biggest growth area was in life insurance, with Abbey National Life posting a 31 per cent […]


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