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Santander admits that its takeover of Abbey would slash adviser sales

A takeover of Abbey by Santander Central Hispano would see the Spanish bank cutting down significantly on distribution through intermediaries.

A Santander analyst presentation at the end of July says the bank would want to increase the proportion of business done through branches from the current 35 per cent to 50 per cent.

This would cut the 65 per cent of Abbey business that is currently sold through the intermediary channel to around half of the total.

Santander describes the 35 per cent branch business as “well below market average” and says its goal would be to increase bank sales to over 50 per cent of distribution.

Last week, Santander Central Hispano director Juan Inciarte said he was keen to continue Abbey for Intermediaries&#39 commitment to IFAs and underlined his support for IFAs.

The analyst presentation says increasing bank sales at Abbey would give a better book of mortgages with lower origination costs and a greater ability to cross-sell.

Mortgageforce managing director Rob Clifford says: “It would be very disappointing if Abbey turned any of its focus away from the intermediary market, given the service problems of the past and recent improvements.”

•&#39HBOSp deal would axe Abbey brand,&#39 p3;Perspective, p16 New chief executive of St James&#39s Place Mark Lund started his career at British Rail and, with financial services at a junction, he thinks the firm is on track for success


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