ABBEY National's £347 million acquisition of Lombard Motor Finance, Lombard Tricity Finance Finance and Lombard Business Equipment Leasing through its subsidiary First National Bank will not be referred to the Monopolies and Mergers Commission, the Secretary of State for Trade and Industry has announced.

The acquisition is the latest in a series of major deals by First National Bank in the past two years, including the purchase of Elton Vehicle Contracts, Fleet Management Services and Whitechapel Corporate Services.