Abbey, which is controlled by Spanish banking juggernaut Santander, has hired the advisory firm Gleacher Shacklock to dispose of its Isle of Man offshore banking unit.
City sources said information memorandums have been sent to potential buyers and the sale process is in the first round, reports The Daily Telegraph. Rival banks and building societies, such as Nationwide, were tipped as potential bidders for the business, which could be sold for around £100m to £150m. Some bankers said private equity firms could also be interested. It is thought Abbey already has several offers for the subsidiary. Full story...
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