25 September 2017
Find out more

Banco Santander plans £300m cost cuts at Abbey

26 July 2004  |  8919 views  |  0 abbey hq

Spain's Banco Santander Central Hispanico, the bank that is taking over Abbey in an £8.5bn deal, has disclosed details of a three year cost cutting plan which includes a reduction in middle and back office processing at the UK bank.

In a document disclosing details of the merger, Banco Santander says it plans to reduce costs at Abbey by £300m a year, mainly through cut-backs in technology, although the Spanish bank did not specify how many jobs would be axed.

The Spanish bank says it expects to make "significant savings" in IT by eliminating any duplicate systems and projects at Abbey that overlap with its own.

Banco Santander also states that it plans to invest in customer facing areas whilst extracting maximum efficiency from the back office. Cost savings that will start to materialise from 2007 onwards will be based on a thorough re-engineering of Abbey's core systems and processes and will result in significant reductions in the size of middle and back-office processing areas, improved productivity in branches and improved use of IT infrastructure.

The takeover of Abbey will make Banco Santander the world's 10th biggest bank by market value and the fourth largest in Europe.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Abbey to spend £200m on branch revamp

Abbey to spend £200m on branch revamp

19 July 2004  |  6948 views  |  0 comments
Abbey and EDS review mortgage joint venture - The Register

Abbey and EDS review mortgage joint venture - The Register

04 May 2004  |  5159 views  |  0 comments
Abbey rolls out NetEconomy anti-money laundering software

Abbey rolls out NetEconomy anti-money laundering software

26 April 2004  |  6040 views  |  0 comments
Abbey live with Infomediary outsourcing platform

Abbey live with Infomediary outsourcing platform

14 April 2004  |  4182 views  |  0 comments
Abbey knew Edinburgh staff wouldn't move - Amicus

Abbey knew Edinburgh staff wouldn't move - Amicus

16 January 2004  |  4194 views  |  0 comments
Abbey to move 400 call centre jobs to India

Abbey to move 400 call centre jobs to India

14 January 2004  |  10056 views  |  0 comments
Abbey National Asset Managers tipped for outsourcing

Abbey National Asset Managers tipped for outsourcing

13 January 2004  |  4993 views  |  0 comments
Abbey commissions Getronics for EUR40 million branch refit

Abbey commissions Getronics for EUR40 million branch refit

15 December 2003  |  4398 views  |  0 comments
FSA fines Abbey £2.3 million for money laundering failures

FSA fines Abbey £2.3 million for money laundering failures

10 December 2003  |  13746 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.ncr.comvisit www.temenos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13757 views comments | 29 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
10538 views comments | 14 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8734 views comments | 16 tweets | 1 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8704 views comments | 19 tweets | 27 linkedin
ISO 20022: The common language of choiceISO 20022: The common language of choice
8453 views comments | 1 tweets | 2 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job