High street mortgage bank Abbey National trumped other eager bidders to win the hand of Edinburgh-based life assurer Scottish Provident. Among the also-rans in the bidding race were Royal London and Liverpool & Victoria. The deal values Scottish Provident at £2 billion

Analysts were surprised that the deal excludes the 38% stake in Aberdeen Asset Management held by Scottish Provident. Instead, this will be sold to an unnamed buyer before the formalities with Abbey National are concluded.

News source: Financial Times