Abbey National considers Fleming Offshore and Cater Allen merger

Keen to invest in the rapidly expanding mass affluent market Abbey National will pay approximately £106 million to buy Fleming Premier Banking. Abbey National will buy the bank through its subsidiary Cater Allen Ltd, and may later merge the Fleming and Cater Allen divisions as one. The acquisition will increase Abbey National's market share in the growing premier banking sector - which caters for those with incomes of between £30,000 and £100,000 - from 3% to 16%. It will add £1.5 billion of depositions and 110,000 clients to Cater Allen's £1 billion and 26,000 clients. Fleming ...