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Abbey National preparing First National sale

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http://uk.news.yahoo.com/020922/80/da698.html

LONDON (Reuters) - Ailing bank Abbey National (LSE: ANL.L - news - msgs) is preparing to sell its First National (ASQ: FNC - news) consumer credit business for up to 800 million pounds, according to industry sources.

The sources told Reuters on Sunday that Abbey National wanted to sell First National, which it bought in 1995, as a whole and hoped to have any deal completed by the end of the year.

An Abbey National spokesman told Reuters the company did not comment on rumour or speculation.

The process has just started. Abbey National's adviser, U.S. investment bank Morgan Stanley, sent preliminary information memos to interested parties only last week, a source said.

Media reports over the weekend said two banks -- Barclays (LSE: ADVERTISEMENT

BARC.L - news - msgs) and Lloyds TSB Group -- had been contacted. The two declined comment on Sunday.

In July, Abbey National posted a 34 percent drop in first-half profit to 697 million pounds and said it would focus on its core mortgage business and might sell non-core assets.

While historically low interest rates in Britain have buoyed profits at other mortgage banks, Abbey National's decision to branch out into the more risky areas of corporate lending and junk bonds resulted in the fall in profit.

First National's Web site says it has 4,000 staff serving more than four million customers through a network of 10,000 business introducers.

In April, Abbey National sold its car leasing business, First National Vehicle Holdings, for 447 million pounds to Lloyds TSB (LSE: LLOY.L - news - msgs) .
Abbey NationalWeb site
http://www.abbeynational.co.uk/

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