Rothschild and JP Morgan have helped negotiate the £447m (€727m) sale of Abbey National's automotive finance unit, First National Vehicle Holdings, to Lloyds TSB's asset finance division.

Rothschild was hired late last year to look at the strategic options available to Abbey National, and the deal marks the first time it has worked for Abbey National on a mergers and acquisitions transaction. JP Morgan is advising Lloyds TSB on the acquisition.