Abbey National Offshore is closing its worldwide operations and effectively pulling out of the offsh...
Abbey National Offshore is closing its worldwide operations and effectively pulling out of the offshore market, except for plans to continue with deposit accounts.
In an official statement, Abbey National says it is longer accepting new clients and will close Inscape Offshore - its Jersey investment centre - and its trust operations at the end of August but will still conduct cash transactions and deposits with British expats and institutional investors over the telephone and internet.
Despite this move and a decision to close all of its Dubai, Gibraltar, Hong Kong, Portugal and Swiss operations by the end of July, Abbey still argues it is "has a strong future in the growing British expatriate market".
Existing mortgageholders will still be able to continue payments as normal but Abbey is withdrawing its local reps in Spain so expats will no longer be able to buy property on the Iberian coast or in the UK through Abbey National.
That now leaves UK expatriates with a choice of just half a dozen overseas mortgage providers.
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