Santander’s bid for Abbey may put Irish banks in the takeover spotlight

SANTANDER’S bid to take over Abbey National in Britain has raised speculation that the markets can expect more of the same.

But whether this will translate into takeover action in Ireland is a moot point. Irish Life & Permanent is the only Irish-owned bank that has indicated it is open to approaches from other banks.

Spanish group Santander had little option but to head for Britain in search of further expansion. Abbey was there for the taking at a reasonable price and with good profit prospects.