BusinessCompany NewsFormer Abbey FD gets £650k pay-off

Former Abbey FD gets £650k pay-off

Abbey's head of retail banking, Mark Pain, is to receive a £650,000 pay-off from the bank's new owners Santander Central Hispano following a shake up of senior management.

Link: Spaniard appointed new Abbey National boss

The former finance director will receive the money when he leaves in March, even though he is resigning rather than being made redundant. The package comprises a year’s pay and bonuses.

It is understood that Pain has been considering resigning for some time and is looking for other opportunities in the retail banking sector, according to the Financial Times.

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