Abbey starts loan battle

Article Abstract:

Abbey National is competing for a share in the UK mortgage market by reducing its interest rates for mortgages. It is unclear whether this will lead to an increase in price competation among mortgage lenders. Some analysts argue that a price war is already in operation.There was a drop in total mortgage lending to 7 billion pounds sterling for 1st half 1995 from 8.9 billion pounds in 1st half 1994. Lloyds Bank could increase competition in this market following its acquisition of Cheltenham and Gloucester Bruilding Society.

Mortgage Bankers, Real Estate Credit, Marketing, Mortgage banks

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Abbey pays up for N and P

Article Abstract:

National and Provincial (N and P) has been acquired by Abbey National for 1.35 billion pounds sterling. Abbey National increases its stake in the UK mortgage market to 15% from 12% through this acquisition. Some analysts argue the price paid is too high, and see Abbey's claim of an annual 50 million pounds sterling cost savings as too optimistic. Abbey National ranks second in the UK mortgage market, after the company created from the merger of Halifax and Leeds, which holds a 20% stake.

National and Provincial

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Abbey socks it to N&P: Abbey National's attempts to woo N&P have been consistently rebuffed. Now Abbey urges: 'Let the members decide'

Article Abstract:

Abbey National has declared its interest in purchasing National & Provincial Building Society, but building society directors and analysts believe that the approach is hostile and could prove counter-productive. However chief executive of Abbey National, Peter Birch, has refuted the suggestion that the approach is hostile and is willing to pay a substantial premium to N&P's 732 million pounds sterling in net assets.

National and Provincial Building Society

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