meeting with Abbey`s union representatives

Santander Chairman meets Abbey union representatives
Not for release, publication or distribution in or into the United States of America, Canada, Australia
or Japan.
London, August 23rd, 2004 - The chairman of Grupo Santander, Emilio Botín, today met
representatives of Abbey National plc's recognised trade union ANGU to discuss Santander's
recommended acquisition of Abbey, which was announced on July 26th 2004.
Representatives of ANGU had previously met with representatives of Santander´s Spanish unions in
Barcelona on August 13th 2004.
"I was delighted to meet the representatives of ANGU, listen to the issues they wished to raise, and
tell them more about Grupo Santander and our exciting plans for Abbey," said Sr. Botín. "We are
very proud of our record in running successful businesses for the benefit of shareholders,
customers and employees and we look forward to working with Abbey staff in the months and years
to come."
Mr Botín confirmed that:
•
Santander has written to the Chairman of the Trustees of Abbey's pension funds to provide
reassurances that existing pension entitlements of Abbey employees will be safeguarded.
•
In order to implement Santander's plans for Abbey and achieve the stated run-rate cost
savings of Euro 450 million in the third year following completion of the transaction,
Santander envisages a reduction in the overall number of jobs at Abbey of approximately
3,000.
•
As a means of aligning the interests of Santander and Abbey employees, Santander
intends to award Abbey employees 100 Santander shares following completion of the
transaction, subject to obtaining the necessary shareholder and legal and regulatory
approvals. Santander is proposing to establish an Inland Revenue approved share
incentive plan in order that the award of shares can be made in a tax efficient manner.
At the meeting Sr. Botin also outlined:
•
The reasons behind the recommended acquisition and the expected timetable for receipt of
EU merger clearance next month.
•
Santander's plans for revitalising the Abbey franchise and the absence of any overlap
between the two businesses.
•
Santander's success in integrating previous acquisitions outside Spain
Comunicación y Estudios
Dirección General
Ciudad Grupo Santander – Boadilla del Monte (Madrid)
Tel.: 91 289 51 93 Fax: 91 257 10 37 e-mail: jmcendoya@gruposantander.com
Banco Santander Central Hispano, S.A. - Domicilio Social: Paseo de Pereda, 9-12. 39004 SANTANDER, Hoja 286, Folio 64, Libro 5º de Sociedades, Inscripción 1ª. C.I.F. A-39000013
Formal documents relating to the recommended acquisition are expected to be sent to Abbey
shareholders next month.
For further information:
Grupo Santander
Keith Grant (Head of International Media) +34 91 289 5206
Peter Greiff +34 91 289 5207
The Maitland Consultancy: 020 7379 5151
Angus Maitland
Martin Leeburb
Philip Gawith
Brunswick
John Sunnucks: 020 7404 5959
Comunicación y Estudios
Dirección General
Ciudad Grupo Santander – Boadilla del Monte (Madrid)
Tel.: 91 289 51 93 Fax: 91 257 10 37 e-mail: jmcendoya@gruposantander.com
Banco Santander Central Hispano, S.A. - Domicilio Social: Paseo de Pereda, 9-12. 39004 SANTANDER, Hoja 286, Folio 64, Libro 5º de Sociedades, Inscripción 1ª. C.I.F. A-39000013