Abbey plans 300 new branches by Finance News Bulletin

Published: 15/12/07

All times are London time look for News in the FTcom siteSearchSearch Quotes in the FTcom siteQuotesCOMPANIES Financial servicesBreadcrumb trail navigation:FT Home > Companies > By sector > monetary servicesServicesAbbey National is to open 300 new branches as part of an ambitious growth plan unveiled by the Spanish bank, SantanderSantander, which acquired Abbey for £9

5bn in 2004, said it intended to begin opening new twigs in 2009 with a target of increasing its 700-strong branch system to 1,000 by 2012 as part of its plans to revitalize the bankAbbey will look at a figure of locations for the new branches but has said in the past that it is under-represented in regions such as the North-east and the MidlandsThe Santander diagram comes as rivals pace up branch network expansion This year HBOS, which owns Halifax, has exhausted £100m to open at least 50 branches and enlarge a further 50

HSBC is also expenditure £400m on 50 branches in new locationsSince Santander took over, it has naked out costs from Abbey and reduced its workforce from 25,000 to 16,000 It has reduced Abbey’s cost income ratio – a input measure of efficiency – from about 70 per cent to 50 per cent and is also in the process of replacing its ageing in order technology systemsThere has been speculation that Santander might look for more UK acquisitions but António Horta-Osório, Abbey’s chief decision-making, supposed: “We are always open to consider opportunities, but we are very focused and our main priority is this scheme of internal enlargement

”Abbey, the UK’s third-largest lender, forecast UK house prices would “decelerate” in a soft hallway for the property market It was criticised last year for contribution mortgages to consumers that were five era their income amid concerns consumers were being confident to overstretch themselves However, Mr Horta-Osório said the bank was still offering these loans and stressed that praise quality in the Abbey book remained strong Copyright The monetary Times Limited 2007Final IT changes at Abbey - Dec-09António Horta-Osório, CEO of Abbey National – CV - Dec-09In deepness: Financial services - Dec-09Abbey is latest to delay tie issue - Nov-22Santander benefits from asset sell-off - Oct-27More from this sectorMaverick China sum Profiles: Chinapay, Providing Online sum Solutions for Chinese Banks Maverick porcelain Research12/3/2007$1000Maverick porcelain Payment Profiles: 99Bill, Hot Out of the Gates, but Sustainable

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