Abbey National: going back to the future

Abbey National likes to use the slogan 'because life is complicated enough'. Life certainly seems complicated for the UK bank at the moment, as it searches for a new CEO, refocuses on its core mortgage and savings business, and is the subject of takeover rumors. One bright spot is its online unit, Cahoot, which has slashed its losses and grown customers.

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Abbey National: in your interest

Abbey is looking to take on the 'big four' high street banks. It will up interest rates on its current account from the industry standard of 0.1% to 3%, making it the best rate available. The move, which will cost GBP25 million over the course of 2002, is likely to win Abbey new customers. However, it remains to be seen how loyal they will be.

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Abbey National: losing more than money

Abbey National [ANL.L] made losses of GBP144 million in H1 2003, resulting from the poor performance of wholesale banking operations. Abbey is in the process of selling off a large number of its non-core businesses to concentrate on its core savings and loans business in the UK. However, it runs the risk of disposing of some useful assets.

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Abbey National: missing ingredient not found in coffee

Abbey National [ANL.L] was the first major bank to provide coffee shops in some of its branches. However, encouraging customers to spend longer in the bank hasn't actually increased sales. It might be time for banks to stop looking for new ways to make their branches attractive and start refocusing on the basics.

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Abbey National: more mass affluent movers and shakers

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Abbey National: options open

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Abbey National: shaking up its iDTV service

Despite the skepticism surrounding banking via interactive digital television (iDTV), UK bank Abbey National has proven that it hasn't given up on the technology. It has updated its iDTV service on Sky Active. Updates include changes to the programming language, number of pages and the branding of the site. Other banks are likely to follow Abbey's lead.

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Abbey National: the mixed blessings of market regulation

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Abbey/Banco Santander: restructuring program is still the key

Mixed reactions to Banco Santander's [SAN.MC] bid to acquire Abbey [ABBE.L] are perhaps unsurprising given the UK bank's recent woes. However, the Spanish group stands to gain a major presence in UK retail banking. Additionally, Banco Santander could transfer some of Abbey's recently developed competences in wealth management to neighboring European markets.

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Abbey: back to black

Abbey [ABBE.L] has returned to profit in the first quarter of 2004. However, when compared to the recent record profits of many of the UK's high street banks, parts of the results are still disappointing. Investment sales in particular have fallen dramatically, however its future plans to offer 'wrap' platforms should see it bounce back.

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