Will these banking 巨大（な）s walk away?

By This Is Money
Updated: 00:00 BST, 15 July 2001

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THE 戦う／戦い is won but the war is far from over. Ian Harley, the boss of Abbey 国家の, may have seen off a £19bn 引き継ぎ／買収 企て，努力，提案 from Peter Ellwood, 長，指導者 (n)役員／(a)執行力のある of Lloyds TSB, but both men are now fighting to keep their 職業s.

株主s in both banks are furious に引き続いて the 治める／統治する-ment's 決定／判定勝ち（する） last week to 封鎖する Lloyds' 強襲，強姦 on Abbey.

Harley 現れるd 勝利を得た after 説得するing the 政府 to fend off the approach, but 投資家s are left 持つ／拘留するing Abbey 株 that are 10% below their 企て，努力，提案-happy 頂点（に達する）. And Lloyds 株主s say Ellwood's 戦略 lies in tatters. He had planned to 強化する Lloyds TSB with a UK 取引，協定, then turn to Europe for a 合併 of equals with a big banking group. With just two years to 退職, Ellwood must make an abrupt 転換 of gear. If the 競争 （売買）手数料，委託（する）／委員会／権限 had taken a いっそう少なく 消費者- friendly approach, he would have been basking in the glow of victory. Instead, he has the 上りの／困難な 仕事 of 説得するing the City that Abbey was not 決定的な to his 戦略 after all.

On the other 味方する is Harley, who only six months ago was 支持するing a tie-up with Bank of Scotland - even though there was no 即座の cash 利益 to 株主s - because it would have made Abbey a bigger player in Britain. Now he has to 納得させる 株主s who have 行方不明になるd the chance to sell their 株 at a 賞与金 to Lloyds that he can create value through a stand-alone Abbey.

Already 戦う／戦い lines are 存在 redrawn. Both Lloyds and Abbey have 開始する，打ち上げるd a frenzied 一連の会議、交渉／完成する of background 要点説明s to save 直面する and 土台を崩す each other. 'This leaves us in good 形態／調整,' said Ellwood. 'We have been 追求するing the same 戦略 for two years. Abbey 国家の only （機の）カム at the end of last year because it was changing its 戦略 by talking to Bank of Scotland. I saw that it 手配中の，お尋ね者 to do a を取り引きする a bigger player and their 株主s and ours said we should go for it. It was never going to be a big transforming 取引，協定 - that was going to be a European 取引，協定.'

But so far this, too, has come to nought. The irony is that the 取引，協定 might happen now, but it would mean Ellwood's 出発 two years 早期に. One Abbey 国家の insider said: 'He is 58 years old - does he want to spend the next two years 存在 beaten up by the マスコミ? He may have more chance of doing a 大陸の 取引，協定 now because he has a Dutch chairman. He might get the 取引，協定 by going, not staying.'

失望
Failing to get Abbey is a personal 失望 for Ellwood. He remains in the mighty 影をつくる／尾行する of Sir Brian Pitman, the former Lloyds 長，指導者 (n)役員／(a)執行力のある who became chairman and retired this year. An Abbey 取引，協定 would have stamped Ellwood's 示す on the bank.

Yet Ellwood, who spent Friday at his son's 卒業 儀式 in Manchester and was planning to watch the British Grand Prix at Silverstone today, 主張するd that the 封鎖する was not an 障害 to a を取り引きする a bank on the Continent.

'We are still 追求するing an overseas 取引，協定,' he said. 'In a way, it might be わずかに easier without Abbey. 見込みのある partners in Europe say that it would not make that much difference. We would love to go very 急速な／放蕩な but it has to be the 権利 取引，協定. We won't 支配する out a bank if it has a 広大な／多数の／重要な 投資 banking arm, though we don't want to be in 投資 banking per se.'

However, it is more likely that Ellwood will 焦点（を合わせる） on a British 保険会社. Such an 取得／買収 would not 誘発する／引き起こす a 競争 調査 and, as he has said, 'there is 範囲 for growth in 保険'.

Harley has always 主張するd Abbey does not need to do a 取引，協定 because it has grown 堅固に on its own. But by entering into 会談 with Bank of Scotland last year, which 誘発する／引き起こすd the approach from Lloyds, he signalled the opposite.

All 注目する，もくろむs will be on Abbey. It is seen as an 取得／買収 jewel. As

井戸／弁護士席 as the 核心 mortgage 商売／仕事, it has begun to diversify into other 部門s, 含むing small-商売／仕事 banking.

The challenge for Harley is to 持続する Abbey's 勢い. 'We have always been happy to grow organically,' he said. But the banking community is not 納得させるd that Harley can continue to 拡大する alone.

One insider said: 'Abbey will try to buy one of the small building societies such as Bradford & Bingley or 同盟 & Leicester.' And he 追加するd that 株主s were keen for Abbey to 行為／法令／行動する. 'They do not think Abbey is likely to remain 独立した・無所属, and that is why they were keen to support Lloyds' 姿勢. Unless Abbey can turn in very good results for the next two years, it will come under 圧力.'

Though Harley 首尾よく fought off the approach from Lloyds, much of the 圧力 will come to 耐える on him.

A 競争相手 銀行業者 said: 'Now it is all about how Abbey will get 株主 value. Should there be a new start at the 最高の，を越す?'