Abbey National says 'no comment' on NAB moves

Abbey National today refused to comment on what it calls "market speculation" following reports in the press over the weekend and this morning that it is being pursued by a hostile bid from National Australia Bank. Abbey is in demand because it would immediately give the purchaser access to a solid, national distribution network and in particular a foothold in the lucrative Southeast market. NAB has already been busy buying banks such as Clydesdale and Yorkshire, while competitor Commonwealth Bank of Australia has made most noise in the UK market through its acquisition in the...