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

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

III. The Santander / SCH deal: integration strategy

IV. The Santander / SCH deal: evaluation

V. Bibliography