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If you would like to request an up-to-date valuation of your policy, please click here.| Abbey puts Offshore Isle of Man Unit on Market |
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| Sunday, 12 April 2009 | |
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City sources said information memorandums have been sent to potential buyers and the sale process is in the first round. Rival banks and building societies, such as Nationwide, were tipped as potential bidders for the business, which could be sold for around £100m to £150m. Some bankers said private equity firms could also be interested. It is thought Abbey already has several offers for the subsidiary. The decision to sell the Isle of Man deposit book is not related to the current political debate surrounding tax havens, said people familiar with the matter. The division was deemed "non-core" because Abbey wants to focus its offshore banking operations around the Channel Islands of Jersey and Guernsey. Abbey's Isle of Man deposit book is effectively a combination of Alliance & Leicester's and Bradford & Bingley's Isle of Man deposit businesses. Last year, Santander acquired A&L for £1.3bn, and later bought the deposits and branches of B&B for £612m. Abbey declined to comment. |
Abbey, which is controlled by Spanish banking juggernaut Santander, has hired the advisory firm Gleacher Shacklock to dispose of its Isle of Man offshore banking unit. | < Prev | Next > |
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