Abbey International is now part of Santander UK plc
On 8 May 2015 the Royal Court of Jersey (the “Court”) approved Santander UK plc’s (“Santander UK’s”) and Abbey National International Limited’s (“ANIL’s”) application to transfer the majority of ANIL’s business to the existing Santander UK Jersey Branch (“Jersey Branch”) (the “Proposal”).
As the Proposal has been subject to a Jersey legal process it is referred to as the Scheme (the “Scheme”). The Proposal has followed the procedure set out in Article 48D of and the Schedule to the Business Banking (Jersey) Law 1991, which involved the Scheme being approved by the Court.
The Scheme became effective from 00.01 hours on 1 June 2015 (the “Effective Date”). We have written to clients confirming the transfer has taken place and providing new terms and conditions.
The Court was satisfied that all of the legal requirements for the Scheme had been met and taking all matters into account the Court was satisfied that the Scheme, as a whole, was fair. Our local regulator, the Jersey Financial Services Commission (the “JFSC”) also gave its non-objection to the Scheme.