Abbey National acquires Scottish Provident
The British banking group Abbey National has, after five months of negotiations, beat rival Royal London and Liverpool & Victoria in the acquisition of Scottish Provident, the UK insurance company. Abbey National has won the Society of Edinburgh, thanks to an offer of 2 billion pounds. However excluded from the transaction is the acquisition of the asset manager of the company, Aberdeen Asset Management, which will be sold separately prior to the transfer of ownership of Scottish Provident at Abbey National.
