British bank Abbey National said today that its restructuring, undertaken after a disastrous foray into wholesale banking, was progressing as planned.
The bank, which is turning itself into a pure retail banking business, said in a trading statement that its core personal financial services unit would deliver profits in-line with guidance.
While mortgage sales continued to be strong and credit quality remained good in the first half of the year, investment sales to retail customers had fallen significantly, the bank added.
