Abbey reveals makeover plan

Banking group Abbey unveiled plans for another makeover today – just 18 months after ditching its famous logo of a couple sheltering under an umbrella.

The company, which spent £11m (€15.9m) on rebranding in 2003, will give its 726 branches a new image to reflect its recent change in ownership.

It is expected to cost another £8m (€11.6m) and will feature the Abbey name alongside the flame symbol used by Spanish parent company Grupo Santander.

Details of the switch emerged as Abbey reported annual profits of £273m (€395.2m), following two years of heavy losses.

It also said it would speed up a cost reduction programme involving the previously-announced loss of 3,000 Abbey jobs. Two-thirds of the positions are now likely to be identified by the end of the March.