Banco Santander threatens UK price war if it wins Abbey

From: The Sunday Telegraph London | Date: August 8, 2004| Author: | Copyright information

EMILIO BOTIN, the chairman of Banco Santander, believes that the profitability of British banks is excessive and plans to launch a price war if his Spanish bank succeeds with its pounds 8.2bn takeover bid for Abbey National.

"Margins in Spain are smaller," said a senior banker. "We will attack the British market with better pricing and services. We want market share."

Botin's determination to shake up the British banking market was communicated to the Government on Thursday, when Juan Inciarte - a Santander director who is fronting its offer for Abbey - met with James Sassoon, a managing ...

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