July 2005

Getting back to the Abbey habit

by Clive Horwood reports

Santander's retail banking specialists' biggest challenge to date will be to turn around the fortunes of Abbey. Can the Spanish bank's model be successfully applied to the highly competitive UK market?


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Francisco Gómez-Roldan

WHEN FRANCISCO GÓMEZ-ROLDAN arrived at Abbey as chief executive in November 2004, he knew exactly what he had to do. "Our first priorities are to provide the best service quality and be the most efficient bank in the UK. That is what makes you the number one in retail banking," he says.

It's a simple statement that masks the huge challenge facing Gómez-Roldan and his team. Santander executives say that Abbey National had been under-managed by its previous management team, led by Ian Harley, during the late 1990s and the early part of this decade. Attempts to diversify into areas such as wholesale banking through its Abbey National Treasury Services arm had harmed the banks' profits in...


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