Abbey National will not take over a 38.8% stake in Aberdeen Asset Management when it acquires Scottish Provident, the UK mutual life assurer, in a £1.8bn (€2.9bn) deal.

Abbey National, which confirmed the acquisition on Thursday after months of speculation, believes the acquisition will help it achieve its target of 65% of total profits coming from business other than mortgages and savings by 2003, instead of the current less than half.