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'Fortis ABN Amro sell-off in trouble'

Monday 16 June 2008

Fortis is having problems selling off ABN Amro's asset management unit, anonymous sources told the Telegraaf on Saturday.

Fortis was told by the European Commission to sell the Hollandsche Bank, two merchant banks and IFN Finance to avoid competition problems following the take-over of ABN Amro at the end of last year.

According to the sources, Deutsche Bank is the only buyer and it is making 'ridiculously high demands'. If the sale is not finalised by July 1, Fortis will not meet its financial goals for 2008, the sources say.

Fortis refused to comment, says the Telegraaf.

ABN Amro was bought by Fortis, Royal Bank of Scotland and Banco Santander for €71bn, with Fortis taking over the Dutch retail, asset management and private banking divisions.

© DutchNews.nl

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