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10/06/2002
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.
Last year the UK group wrote-off a total of £256 million in its business banking unit, and Abbey National said they would be writing off a similar amount for just the first six months of the current financial year.
Another reason for the warning over lower profits is that Abbey National has seen a fall-off in sales of its with-profits products because people are reluctant to invest in the stock market.
Abbey National has also decided to be more wary about lending money to some homebuyers and said they would be taking a more cautious approach to "certain high risk market segments."
(MB)
Last year the UK group wrote-off a total of £256 million in its business banking unit, and Abbey National said they would be writing off a similar amount for just the first six months of the current financial year.
Another reason for the warning over lower profits is that Abbey National has seen a fall-off in sales of its with-profits products because people are reluctant to invest in the stock market.
Abbey National has also decided to be more wary about lending money to some homebuyers and said they would be taking a more cautious approach to "certain high risk market segments."
(MB)
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21 February 2002
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001. The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
Abbey National report fall in pre-tax profits for 2001
In line with analysts' expectations Abbey National has reported a two per cent fall in pre-tax profits to £1.94 billion for 2001. The company's profits were hit by a £256 million write-off in its business banking unit, due in part to Abbey National's previously announced £115 million exposure to the failed US energy trading giant Enron.
25 July 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.
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.
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.
11 July 2001
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
GOVERNMENT BLOCKS LLOYDS TSB MERGER
THE Government has blocked Lloyds TSB’s £18.2bn takeover bid for rival Abbey National, saying that the merger would be against the public interest.
17 May 2005
M&S announce new chairman
Marks and Spencer have announced that chairman Paul Myners will step down at the company’s annual general meeting in July 2006. Lord Burns, who is currently chairman of Abbey National and Welsh Water, as well as a non-executive director of Banco Santender Central Hispano, Pearson Group and British Land, will replace Mr Myners.
M&S announce new chairman
Marks and Spencer have announced that chairman Paul Myners will step down at the company’s annual general meeting in July 2006. Lord Burns, who is currently chairman of Abbey National and Welsh Water, as well as a non-executive director of Banco Santender Central Hispano, Pearson Group and British Land, will replace Mr Myners.
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