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…And meets with industry approval

Bob Riach, proprietor at Riach Independent Financial Advisers, says: “I&#39m reluctant to place any business with Abbey. I will not be advising clients to take an Abbey deal until it has sorted itself out.”

Ray Boulger, senior technical adviser at Charcol, says: “An HBOS bid would have almost certainly been put to the competition authorities which would have meant that a significant amount of management time would have to betaken up with it.”

Simon Bucknell, business development manager at Chelsea Mortgage Management, says: “I&#39m pleased that for whatever reason HBOS has decided not to proceed with the purchase of Abbey as it smacked of opportunism and we can do without a monopoly. Santander&#39s entry into the UK mortgage market can only be healthy for competition and is a strong indication that our economy is performing well.”

Peter Brodnicki, chief executive of Mortgage Advice Bureau, says: “This announcement is not really a surprise. It&#39s good news for brokers as HBOS would have had a dominant market share if it had followed through with the deal.”

Kevin Duffy, managing director of Hamptons, says: “I am not convinced the Spanish takeover will improve Abbey&#39s proposition for intermediaries.”

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