Sant Uk.10te% Regulatory News (SAN)

6 Jun 2006 10:00

Yorkshire Building Society06 June 2006 Y O R K S H I R E Building Society With you one hundred percent NEWS RELEASE Strict Embargo - 10 a.m. 6 June 2006 YORKSHIRE BUILDING SOCIETY TO ACQUIRE ABBEY NATIONAL PLC SHARESAVE BUSINESS Yorkshire Building Society has agreed to purchase Abbey National's UKand International Sharesave business for an undisclosed sum. The deal, whichwill result in existing Abbey Sharesave savings contracts and balances beingtransferred to the Yorkshire, is subject to court and regulatory clearance andis expected to complete in mid October. As result, on completion, all AbbeySharesave accountholders will become members of the Yorkshire. The deal, which is believed to be the first of its kind for Sharesave schemes,will confirm Yorkshire's position as one of the largest UK Share Planproviders. The acquisition demonstrates the Society's commitment toactively grow and continually improve its Share Plan operation. Commenting on the transaction, Yorkshire's Chief Executive Iain Cornishsaid, "Yorkshire's ability to win the confidence of UK companiesis well demonstrated with a growing number selecting us as their preferredprovider for UK and international Share Plans. We look forward to welcomingaround 200 new corporate clients and the individual accountholders to theSociety on completion of the transaction. This acquisition will strengthen theSociety's position in a business area where we already have asignificant presence." Stuart Bailey Head of Sharesave business at Abbey said, "We are pleasedto say in Yorkshire Building Society we have found a good home for this part ofour business. We believe that this deal will offer our customers a wider rangeof services not currently available through Abbey." Notes to Editors Yorkshire Building Society is one of the largest building societies with 131branches and 75 agencies across the UK. It is committed to mutuality and isdetermined to return real financial benefits to its members. Its purpose is tomaximise long term benefits for a growing membership. About Sharesave Schemes Yorkshire is the only mutual organisation administering Sharesave and ShareIncentive Plans with over 300 clients choosing the Society to administer theirscheme. Sharesave schemes (or Savings Related Share Option Scheme) were first introducedby the government in 1980. They are tax advantageous savings schemes combinedwith a share option designed to encourage employees to take a direct stake intheir company enabling them to participate in its future. Sharesave schemesoffer: • A risk-free way for companies to reward and motivate employees • Provide an easy way for employees to save via direct salary deductions • Provide guaranteed tax-free bonus rates • Provide employees with preferential share options on schemes over 3, 5 and /or 7 years For more information on Yorkshire Building Society visit http://www.ybs.co.uk For more information contact Yorkshire's Press Office: Rachel Gladman on 01274 471545David Holmes on 01274 472589 / 07831 143345 This information is provided by RNS The company news service from the London Stock Exchange