While most of the UK’s banks are grappling with the impact of the turmoil in the credit markets, one lender is thriving. Financial Times, Daily Telegraph
Abbey yesterday reported it had taken advantage of the disarray among its rivals by grabbing almost 16% of the mortgage market in the first three months of the year, dramatically reversing previous market share erosion.
The bank, which was taken over by Santander of Spain in 2004, said mortgage balances had expanded by 10% compared with the first quarter of last year, even as the overall market shrank.