Abbey National rejects 10bn pound BoI merger offer

From: The Scotsman | Date: October 16, 2002| Author: Martin Flanagan City Editor | Copyright information

ABBEY National yesterday rejected a GBP 10 billion merger with Bank of Ireland, as Britain's second biggest mortgage bank claimed there was a "questionable strategic fit" between the two groups.

Abbey said BoI's detailed announcement released yesterday provided no new material information beyond that contained in a letter sent by the Irish bank to Abbey, which it received on 19 September.

In its response, Abbey said it considered a merger between the two would yield "limited co...

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