Abbey National converted from a building society to a bank in 1989. Fifteen years later, it was acquired by Spanish banking group Santander and the Abbey name disappeared from the UK high street. But the brand has not disappeared completely: Abbey National Treasury Services (ANTS) remains the wholesale funding arm for Santander UK.
“It’s a legacy issue. When Abbey National was demutualised in 1989, it was viewed that certain treasury operations had to be carried out in a separate legal entity so Abbey National Treasury Services was set up as a subsidiary. Today, it’s a fully owned subsidiary of Santander UK plc and cross-guarantees are in place but the name remains the same,” says Tom Ranger, director of funding at Santander UK.
