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Cater Allen buys Chase banking arm

Abbey National&#39s banking subsidiary Cater Allen has bought Fleming Premier

Banking from JP Morgan Chase & Co in a £106m deal. Abbey says the

acquisition will increase its market share in the mass affluent banking

sector – 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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