Menu
25/07/2001
Takeover rumours grow as Abbey National’s profits rise
UK mortgage bank, Abbey National says it is open to offers after it reported a 15 per cent rise in profits to more than £1 billion for the first six months of this year.
The move comes after the recent failure of a hostile takeover bid by Lloyds TSB, which was blocked by Trade Secretary Patricia Hewitt who said the deal would be against the public interest.
On Wednesday the Abbey National reported that pre-tax profits had increased to £1.06bn for the first half of the year, up from £922m last year and in line with analysts’ expectations. Abbey's shares have also outperformed the UK banking sector by around seven per cent so far this year.
Since the Trade Seceratry’s ruling, there has been speculation that the Abbey National would seek an overseas partner or prey on some of the smaller players in the UK banking sector.
Speculation has already focused on both the Allied Irish Bank and Bank of Ireland. (MB)
The move comes after the recent failure of a hostile takeover bid by Lloyds TSB, which was blocked by Trade Secretary Patricia Hewitt who said the deal would be against the public interest.
On Wednesday the Abbey National reported that pre-tax profits had increased to £1.06bn for the first half of the year, up from £922m last year and in line with analysts’ expectations. Abbey's shares have also outperformed the UK banking sector by around seven per cent so far this year.
Since the Trade Seceratry’s ruling, there has been speculation that the Abbey National would seek an overseas partner or prey on some of the smaller players in the UK banking sector.
Speculation has already focused on both the Allied Irish Bank and Bank of Ireland. (MB)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
26 July 2004
Abbey board agrees to £8.5bn takeover deal
The board of the Abbey National has agreed to a takeover deal from Spanish giant Banco Santander worth around £8.5 billion. Following to advice from Morgan Stanley, the Abbey Board said that it intended to "unanimously" recommend that its shareholders vote in favour of the scheme.
Abbey board agrees to £8.5bn takeover deal
The board of the Abbey National has agreed to a takeover deal from Spanish giant Banco Santander worth around £8.5 billion. Following to advice from Morgan Stanley, the Abbey Board said that it intended to "unanimously" recommend that its shareholders vote in favour of the scheme.
14 January 2004
Abbey axes call centres but invests in Belfast
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. However, sites at Belfast, Bradford, Glasgow, Milton Keynes and Sheffield will receive a £25 million three-year investment in IT, training and the working environment.
Abbey axes call centres but invests in Belfast
Abbey has announced today that two of its call centres are to close by the end of October this year which will see around 400 jobs axed. However, sites at Belfast, Bradford, Glasgow, Milton Keynes and Sheffield will receive a £25 million three-year investment in IT, training and the working environment.
08 November 2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
10 June 2002
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
Abbey National issue profit warning
Abbey National has warned that its profits will be considerably lower than expected this year because it has begun writing off debts in its wholesale banking division, which deals with loans to companies.
27 August 2010
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
-
Northern Ireland WeatherThis Evening and Tonight:This evening will be cloudy with outbreaks of rain, these clearing away towards midnight. Then the rest of the night will be dry with clear periods. Minimum temperature 12 °C.
