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News > Deals
Abbey nabs mutual insurer
September 7, 2000: 3:05 a.m. ET

UK mortgage leader diversifies product slate with $2.6B Scottish Provident buy
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LONDON (CNNfn) - Abbey National PLC, Britain's biggest mortgage lender, agreed Thursday to buy mutual insurer Scottish Provident for £1.8 billion ($2.6 billion) in cash, as the home loan provider continues the diversification of its product slate.

The deal, which had been expected, will make Abbey National the largest provider of life insurance products in Britain and advances its plan to raise to  65 percent the share of its profit derived from activities other than mortgages and savings.

"This transaction delivers on our stated strategy of significantly diversifying our business and is a major step in changing the shape of our business," Ian Harley, Abbey National's chief executive officer, said in a statement. "It will substantially increase the proportion of the group's business in the high-growth life and long-term savings sector."

Abbey said the deal would enhance its earnings per share from the first year.

Shares of Abbey National (ANL) rose 6 pence to close at 849 pence in London on Wednesday. Back to top

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