ABBEY NATIONAL OFFSHORE INTEGRATES
CATER ALLEN OFFSHORE BANKING
- Customers will have access to a wider range of product options, competitive charges and higher interest rates -
(Hong Kong - 21 February 2001) - Abbey National has announced that from 1st March 2001, the banking business of Cater Allen Offshore will transfer to Abbey National Offshore. All future activity and promotion will be in the Abbey National Offshore name. Since Cater Allen Bank became part of Abbey National in 1997, the two offshore businesses have worked very closely together.
"The merging of the banking businesses of Cater Allen Offshore and Abbey National Offshore will better address changing customer needs and strengthen the positioning of Abbey National Offshore in the region," said Julie Wong, General Manager of Abbey National Offshore Hong Kong Representative office. "With the resurgence of Asia's economy, in particularly Hong Kong, customers are demanding a wider range of products and greater efficiency in banking services. The consolidation will further strengthen the competitive edge of Abbey National Offshore in Asia to providing one-stop-shop services and a complete range of banking products."
The decision to merge the two businesses was made after a comprehensive strategic review. This review included research amongst Cater Allen Offshore's customers, seeking views on products offered and service expectations. The results of which show that both Cater Allen Offshore's and Abbey National Offshore's customers would like access to a broader range of products and similar levels of personal service from their banking relationship.
In practical terms, nothing else will change. All accounts are maintained on the same offshore computer system with the same staff managing customers' accounts. Cater Allen Onshore, in the UK, will continue to use the Cater Allen name.
"During the past three and a half years, we have been managing the two businesses side by side and we are continuing to invest significantly in systems, telecommunications facilities and staff to ensure that we continue to provide a high level of personal service," said David Siddall, Director, Marketing and Distribution, Abbey National Offshore. "The research conducted over the last six months has confirmed the strengths, and highlighted opportunities for our business to move forward. It has also revealed the enormous similarities between Cater Allen Offshore and Abbey National Offshore customers and their day-to-day banking requirements. "
Mr. Siddall continued, "It makes sense for both our customers and ourselves to merge the product ranges and offer all banking services under the one name. Customers can be assured that the full and unconditional guarantee of all deposits by Abbey National plc remains in place. We have written to each of our banking customers explaining these changes and have made additional arrangements to answer any queries they may have."
The effect on Cater Allen Offshore's day-to-day banking arrangements will be minimal, and customers' accounts will continue to operate in the normal way with no change to account numbers, direct debits and standing orders. In addition, many customers will see an increase in the rates of interest paid on their accounts with fees and charges simplified, and in some cases, even reduced. This change will enable greater efficiency, and means existing customers of Cater Allen Offshore and Abbey National Offshore can benefit from a broader range of products and services including transactional accounts, longer term deposits, mortgage facilities and limited edition products.
"The change will ensure that Abbey National Offshore is in the best position going forward to offer customers a competitive, flexible and personal banking service," conlcuded Mr. Siddall.
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Notes to editors
For further information, please contact:
Julie Wong, General Manager
Abbey National Offshore ph. +852 3120 9268
Bella Lo, Account Manager,
GCI Group ph. +852 2911 9100
Malcolm Corrigan, Senior Manager,
Group Communications
Abbey National Offshore ph.+44(0)1534828010