Abbey National 'on track' after takeover

The new owners of Abbey National said today the turnaround of the bank was under way after revenues stabilised and profits held firm in 2005 so far.

Spanish bank Santander Central Hispano stuck by the view that it would take three years to “fix” the business, but said it was encouraged by the positive progress made since its £9.5bn (€13.8bn) takeover of Abbey in November.