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Investors at Abbey offered easy escape from Spain

07 October 2004
As it looks increasingly likely that Abbey will be taken over by the Spanish firm Banco Santander, a service has been launched letting the bank's British investors avoid an Iberian adventure.

"Many investors will know very little about Banco Santander and may believe that news on the group will be harder to come by. Investors could also be put off by price and currency fluctuations and the integration of different cultures a prime example being Egg's poor foray into France," said Graham Spooner, head of investment at The Share Centre.

With that in mind The Share Centre has offered a deal letting Abbey National shareholders sell their stake in the former mutual ahead of the take-over being completed.

The Share centre is charging just 0.75 per cent commission, with a minimum charge of £7.50, to sell the shares.

Three days after the sale a cheque will be sent to the shareholder.

"With another bid for Abbey extremely unlikely, the first question private clients need to ask themselves, is do they want shares in a Spanish company?" asked Mr Spooner.

Abbey has 1.8 million private shareholders - many holding stakes following the organisation's demutualisation in 1989.

For those wishing to embark on an Spanish adventure - Santander has said it will continue to pay dividends in sterling and is seeking a secondary listing on the London Stock Exchange.
© DeHavilland Information Services plc