Abbey National, the UK banking group, plans to raise up to £1.1bn (€1.8bn) of capital in the Eurobond market to help pay for its £1.8bn acquisition of mutual life insurer Scottish Provident.
Gareth Jones, director in charge of wholesale banking and treasury at Abbey National said: "We wanted to get the bulk of the financing under our belt and we will finance the rest of the acquisition later on, before the transaction closes in July. We are currently reviewing how much capital we need and we will take it from there."
