Change for Abbey National

Abbey National has acquired a one-third stake in Travelex, a bureau de change business, for an undisclosed sum. Travelex has 190 outlets, principally in airports, though there are also branches on cruise ships and ferries.

Abbey says the Travelex service will be available in key branches from early next year with plans to extend it to all 675 outlets. The acqusition is part of Abbey's strategy of reducing its dependency on mortgage-related business.