A number of Abbey investors thundered against Santander’s corporate governance record. This was all part of a smear campaign, complained Santander, orchestrated by HBOS, the Spanish bank’s principal rival in the race to acquire Abbey.
HBOS would not deny or acknowledge the charges, saying only that the press was doing “exactly what it should do, that is to question and query big banks”.
Morley Fund Management, a 2.8% shareholder in Abbey, was quoted as saying that Santander “needed to pay more than lip service to corporate governance behaviour”.
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