Resolution to buy Abbey life insurance units for 3.6 billion pounds

0 Comments | AFP, June, 2006

LONDON (AFP) — British insurance firm Resolution has said it would buy the life insurance activities of Abbey National, the British bank owned by Spanish peer Banco Santander Central Hispano (SCH).

The deal values Abbey's life insurance businesses at 3.6 billion pounds (5.2 billion euros, 6.7 billion dollars), Resolution and SCH said in separate statements issued to the London Stock Exchange Wednesday.

Abbey -- which was bought by SCH of Spain for 8.5 billion pounds in November 2004 -- added that it would now focus on the banking sector in Britain.

Resolution said on Wednesday that it would buy the British and offshore life businesses of Abbey together with the associated new business infrastructure and service companies.

The businesses include...