Mortgage bank Abbey National has said chief executive Mr Ian Harley's resignation was not linked to recent speculation that National Australia Bank might be keen to launch a takeover bid.
"His resignation is purely down to the group's financial performance," an Abbey spokeswoman said today.
She added that Abbey was looking at both internal and external candidates to replace Harley as chief executive, and that he would get one year's salary as his severance payment.
Last year Harley received a total annual salary of around £883,000 (sterling), including performance bonuses.
