Business Services Industry
Banco Santander Central Hispano to release details of cost cuts.
Knight Ridder/Tribune Business News, October, 2004
By Ben Wright, The Business, London Knight Ridder/Tribune Business News
Oct. 24--Banco Santander Central Hispano is expected to provide more details of the 300 million pounds (432 million euros, $540 million) of cost savings it is planning after acquiring the UK bank, Abbey National, when the Spanish bank reports its third-quarter results this week.
Santander has previously said it plans to cut 3,000 jobs from Abbey's 26,000-strong workforce and is hoping to make 300 million pounds in savings within the first three years after takeover.
There is also speculation that Spain's largest bank will announce the sell-off of the closed-end funds of Abbey-run Scottish Mutual and Scottish Provident as soon as the acquisition is finalised....
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