ANL Abbey Nat.

RNS Number:8622Z
Abbey National PLC
17 June 2004

Abbey National plc ("Abbey")
17 June 2004

Abbey reaches agreement to sell its asset finance and leasing businesses to ING
                                 Lease (UK) Ltd

As another step in its non-core asset disposal programme, Abbey has entered into
an agreement to sell its asset finance and leasing businesses to ING Lease (UK)
Ltd ("ING").  These businesses are Asset Finance, Country Finance and Vendor
Finance and predominantly provide specialist finance to the SME sector.

Within the SME sector, going forward, Abbey will focus upon business banking and
commercial mortgages - areas that are more closely linked to Abbey's core
personal financial services business.

ING will pay a cash consideration for the businesses, which have a combined
portfolio of approximately GBP 863 million 1.  It is anticipated that 243 Abbey
employees will transfer to ING upon completion.  The deal is expected to
complete at the end June 2004.


                                      Ends

Notes
1.  Total assets as at 31 May 2004.



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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