16.11.04

Porterbrook Leasing Company Limited ("Porterbrook"), a subsidiary of Abbey National plc ("Abbey"), has sold its European leasing business to the newly-created CB Rail. The business has lease contracts in four European countries comprising 28 diesel and electric locomotives and 67 double-deck coaches.

Porterbrook expanded into the European market in September 2001. The decision to withdraw follows Abbey's strategic decision to focus upon personal financial services in the UK.

Paul Francis, Managing Director of Porterbrook Leasing Company Ltd said,

"We entered the European rolling stock leasing market at a time when we saw great opportunities and were able to secure business with well established as well as newly created private operators. However the change in Abbey's strategic direction means we will be concentrating our efforts and resources in the UK market. We wish our European customers and CB Rail well in the future with their plans to develop their businesses".