Abbey banks on expansion with up to 100 new branches

Published on Monday 15 May 2006 12:33

HIGH street bank Abbey has unveiled plans to expand with up to 100 more bank branches across the UK over the next ten years.

The new branches, which mark Abbey's first significant bank opening programme since the former building society's demutualisation 15 years ago, would be created in areas where it does not already have a presence.

Alfredo Senz, chief executive of Abbey's Spanish owner, Banco Santander Central Hispano, said some of the existing branches would also be relocated.

He said: "It will be 60, 70, 80, maybe 100 new branches and we will probably relocate some also."

The company's existing network of 714 branches is focused on the south east of England, but the brand is weaker in the Midlands and the north east.

Two years ago, the Evening News revealed that more than 700 jobs at Scottish Provident were to be lost as Abbey wound down the Edinburgh-based operations of Scottish Mutual and Scottish Provident and transferred posts to Glasgow.

But Mr Senz said rumours that Santander planned to take over another UK high street bank were unfounded, saying: "There are no UK banks on our radar screen. These names offer more of the same that we have already. These rumours do not have any logic behind them."

But he added that it was impossible to rule anything out in the future as Santander is an opportunistic bank.

A wholesale banking division would also be launched as part of Santander's expansion - possibly called Santander Wholesale Financial Markets UK - to cash in on the bank's strong presence in South America.