Business Services Industry
HBOS chief dismisses Banco Santander plan to transform Abbey National.
Knight Ridder/Tribune Business News, July, 2004
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Jul. 29--The boss of HBOS, Britain's biggest mortgage lender, dismissed as "rubbish" claims by Spain's Banco Santander that it can transform rival Abbey with its new computer system.
James Crosby's comments came as he unveiled record UKpound 2.16 billion half-year profits, which will enrage consumers who face higher overdraft charges and longer cheque clearing periods on basic banking accounts.
Santander sent shockwaves through the UK banking community with its UKpound 8.9 billion bid for Abbey this week. It claims it can restore Abbey's fortunes with state-of-the-art information technology.
Crosby said: "We won't be sitting back and making it easy for...
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