Abbey National plc (Abbey) has reached an agreement to sell its factoring business to the Bibby Financial Services Group. The deal is expected to complete on 1 December 2003.
The sale of Abbey Business Cashflow Finance is a reflection of Abbey's strategy to solely focus on UK personal financial services. Abbey will continue to offer business bank accounts, commercial mortgages and asset finance, as these are a close fit with its personal financial services activities.
The transaction will include all assets relating to the Factoring and Confidential Factoring side of the business operating from Leeds and Poole. This does not include the Invoice Discounting part of the business.
The Bibby Financial Services Group has in recent years embarked on a challenging growth strategy driven by a unique business model designed to ensure it delivers a market-leading service to clients.
