The Santander / Abbey Deal

:: The Santander / Abbey Deal ::

On Monday July 26, 2004 the Boards of Spanish Banco Santander and British Abbey National Bank reached agreement over the terms of the acquisition and publicly announced Santander’s friendly all share offer for Abbey, which amounted to EUR15.6bn. The deal was the first important cross-border merger among European banks. This white paper analyzes the major drivers of the deal, sources of value and expected synergies and integration strategies as well as sources of complexity and uncertainty. In addition, it evaluates the success of the deal so far.

I. The Santander / SCH deal: background information

History of the merger

Banco Santander Central Hispano: company profile
Business areas
Santander's business model

Abbey National Bank: company profile
Business areas

Reactions to the announcement of the deal

II. The Santander / SCH deal: acquisitions objectives and challenges

Acquisition objectives

Sources of value
Cost synergies
Revenue synergies

Uncertainties and Complexities
Santander's previous experience


Estudios económicos y jurídicos actuales

Monografías sobre temas de actualidad en el ámbito fiscal, penal, constitucional, mercantil, laboral, internacional...