A bloodied BoI bows out of Abbey takeover bid
Abbey National chairman Terry Burns beat Bank of Ireland hands down in the public relations battle and yesterday BoI chef executive Michael Soden decided the appointment of former UBS president Luqman Arnold as Abbey’s chief executive provided an opportune time to throw in the towel.
Given the ponderous nature in which BoI has issued statements on the takeover since news of the bid was leaked to the Sunday Times on October 6, the swiftness of yesterday’s announcement took the market by surprise.
