Fortis sells part of ABN Amro to Deutsche

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Fortis, the Dutch-Belgian banking giant under pressure to shed assets because of the credit crisis, has disposed of part of its ABN Amro acquisition. Deutsche Bank has acquired the assets for 709 million Euros, according to a report in the Dutch daily NRC Handelsblad.

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The Belgian-Dutch group Fortis sold parts of ABN Amro in the Netherlands to Deutsche Bank. The sale included cash of 709 million euros. Fortis and Deutsche Bank announced the sale today.

Last year, Fortis acquired ABN Amro, together with Royal Bank of Scotland and Banco Santander, after a long takeover battle. The European Commission agreed to the takeover, provided that certain conditions were met. Fortis believes it has met those conditions by having sold these parts of the business.

The sale involves a number of ABN Amro’s commercial banking activities in the Netherlands. Among them are two business banking groups, thirteen advisory offices focusing on medium-sized businesses, components of the Rotterdam-based Holland Bank Union and the Dutch activities of the IFN Finance Group of ABN Amro.
(My translation)

Original version:
Het Belgisch-Nederlandse concern Fortis verkoopt onderdelen van ABN Amro in Nederland aan Deutsche Bank. Met de verkoop is een bedrag van 709 miljoen euro in contanten gemoeid. Fortis en Deutsche Bank hebben dit vandaag bekendgemaakt.

Vorig jaar nam Fortis samen met Royal Bank of Scotland en Banco Santander na een lange overnamestrijd ABN Amro over. De Europese Commissie stemde in met de overname, mits er aan bepaalde voorwaarden zou worden voldaan. Fortis is van mening door deze onderdelen te verkopen aan de voorwaarden te hebben voldaan.

De verkoop betreft een aantal commercial banking-activiteiten van ABN Amro in Nederland. Daaronder zijn twee onderdelen voor zakelijk bankieren, dertien zakelijke advieskantoren die zich richten op middelgrote bedrijven, onderdelen van de in Rotterdam gevestigde Hollandsche Bank Unie en de Nederlandse activiteiten van het factoringbedrijf IFN Group Finance van ABN Amro.
NRC Handelsblad, 2 Jul 2008

While this article makes it seem like the Fortis sale was an ordinary transaction to meet EC rules, we all know that Fortis is a motivated seller after its shock capital raising announcement last week.

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