The transfer of Bradford & Bingley’s branch network and saving book to Abbey consists of a £20 billion retail deposit base with 2.7 million customers. It also includes B&B's direct channels - 197 retail branches and 141 agencies, plus the staff.
The acquisition price is £612 million, including the transfer of £208 million of capital relating to offshore companies.
B&B branches are open as usual, and internet, call centre, and all other transaction services will operate as normal. Although some employees are now employed under Abbey.
The transfer of the B&B's customers and their retail deposits further strengthens Abbey's retail customer deposit base and franchise. It also allows
The combined business of Abbey, Alliance & Leicester (A&L) and B&B will have 1,286 branches with a good geographic spread across the
Antonio Horta-Osorio, chief executive of Abbey, said: "This is good news for Bradford & Bingley's savings customers. They can be certain that their hard-earned savings are with a bank they can trust as Abbey is part of the Santander Group, one of the world's most successful banks.
“It has an AA credit rating and a strong retail focus with more branches worldwide than any other international bank. As such,
Bradford & Bingley's customers will continue to use their existing channels - branches, telephone and internet - for transactions, as usual. The
Banco
Through Santander Consumer it also operates a consumer finance franchise in
Date: 28th, September, 2008
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While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.
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