Abbey says recovery hit by takeover distraction

0 Comments | AFP, October, 2004

LONDON (AFP) — British bank Abbey National said that its share of Britain's mortgage-lending market slipped in the third quarter, blaming the drop on distraction due to its looming takeover by Spain's Banco Santander Central Hispano (SCH).

Britain's second-biggest home-loan provider said its share of gross mortgage lending for the year to date dropped to 8.6 percent, down from 9.0 percent at the end of the second quarter.

Abbey said disruption caused by its restructuring programme, highlighted at the time of its interim results three months ago, was compounded by the SCH takeover saga.

"Nonetheless, a speedy conclusion to the transaction has avoided a marked deterioration at this time, and this is evidenced by third quarter results broadly consistent with...