Santander to Purge Abbey’s IT Costs
ORGANIZATION & MANAGEMENT
LONDON—Banco Santander’s decision to acquire Abbey National is being driven in large part by the potential IT savings that Santander hopes to realize over the coming years.
According to Santander, €150 million ($182 million) of savings are planned for the first full year, rising to €300 million ($363 million) in the second year, and reaching €450 million ($545 million) by 2007.
In an official statement, Santander officials say that savings will be created by "accelerating and supplementing
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