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Abbey National in Cahoots with Net banking

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The Abbey National has joined a number of other British banks by announcing it is to set up an Internet arm. Called Cahoot, it certainly takes top prize for the most ridiculous name for a Net bank. No doubt officials at Egg are beside themselves with joy. Abbey plans to let Cahoot soak up some £200 million to get the operation off the ground and aims to attract 200,000 customers in its first year. Along with traditional banking services, it also plans to generate revenue by selling products such as videos, compact disks and computers through deals with other e-companies. Recently, the Halifax and Lloyds TSB have both announced their plans to go online. ®

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