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Western EuropeOctober 4 2009

António Horta-Osório

Abbey's CEO tells how his decision to pull the bank back from the mortgage market and transform it into a full commercial bank has helped it to thrive during the fallout of the crisis.
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António Horta-Osório

For a mortgage bank to pull back on mortgage lending in the midst of a housing boom is indeed a radical decision and not one to find favour with the majority of bank equity analysts. But that is what the boss of the UK's Abbey bank - part of Spain's Santander group - did as his first major decision within three months of taking on the role of CEO.

With a 20% price correction coming in the UK's overheated property market about 18 months down the line, it turned out to be one of the most significant decisions António Horta-Osório has made in a 20-year career.

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