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Mon 5 Feb 2001 04:00 AM

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Offshore banks merge business under one name

Abbey National Offshore and Cater Allen Offshore are to become a business under one roof in a bid to provide customers with better service options

British bank, Abbey National, is to transfer the banking business of Cater Allen Offshore to Abbey National Offshore from March 1 this year. The integration is intended to enable existing Cater Allen Offshore and Abbey National Offshore customers to benefit from a broader range of products and services. "All future activity and promotion will be in the Abbey National Offshore name," said David Siddall, director of marketing and distribution, Abbey National Offshore. "The change will ensure that Abbey National Offshore is in the best position going forward to offer customers a competitive, flexible and personal banking service."Abbey National claims that in practical terms, nothing will change. All accounts will be maintained on the same offshore computer system, with the same staff managing customer accounts."The effect on Cater Allen Offshore's day-to-day banking arrangements will be minimal and customers' accounts will continue to operate in the normal way with no change to account numbers, direct debits and standing orders," said Mike Brighton, general manager of Abbey National representative office in Dubai. "In addition, many customers will see an increase in the rates of interest paid on their accounts with fees and charges streamlined and, in some cases, even reduced."When the merge is initiated, customers are to get access to wider range of product options, competitive charges and higher interest rates, including transactional accounts, longer term deposits, mortgage facilities and limited edition products.

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