Magnificent for Abbey's top seven

SEVEN Abbey National directors cashed in share options worth almost £12m as the mortgage lender prepared to be taken over by Spanish bank Santander.

Chief executive Luqman Arnold, who hosted a champagne leaving party in the boardroom last night, pocketed £4m. He will work for Santander as a consultant.

Finance director Stephen Hester, who joins property giant British Land as chief executive on Monday, bagged £2.5m.

Five more directors are staying on. Those picked to stay until the end of 2005 will get a 'retention bonus' worth 75% of their salary.

All seven are hanging on to shares to become shareholders in Santander. Had the £9.5bn deal not been agreed, some of the options would not have vested for three years. The shares were sold at 627p, close to a two-year high.

Santander's top numbers man Francisco Gomez-Roldan arrives to run Abbey on Monday - the last day its shares can be traded.

Steel group Corus is expected to replace the bank in the FTSE 100.