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Dutch fully nationalise Fortis NederlandFriday 03 October 2008 The Netherlands is to take over all the Dutch operations of Belgian-Dutch financial service group Fortis. The state will pay €16.8bn for the acquisition. The announcement was made by Dutch prime minister Jan Peter Balkenende after Friday evening’s cabinet meeting. The nationalisation means that the Dutch state is responsible for ABN Amro and the insurance arm of Fortis Nederland. The agreement made together with the Belgian and Luxembourg governments at the weekend to rescue Fortis was broken open at the request of the Dutch, reports NOS tv. Fortis will be sold on when the current crisis on the financial markets is over. Fortis and ABN Amro have a combined market share of 40% in the small business sector. The three Fortis units taken over by the Netherlands employ 45,000 people, says the NRC. © DutchNews.nl Get the DutchNews.nl newsletter in your mailbox: Click here to subscribe
I'd suggest that they call it ABN AMRO and get rid of the Fortis name and that horrible,cheap logo. By LS | October 4, 2008 1:42 AM Make this clear, this is a tactical move not a strategic one. The deal to buyout Fortis is a tactical decision by the government and at $1000/person it surely seems like a bargain. An important element to this is tactical move is the government oversight that will ensure that excesses are not part of the daily operation. However, this may not be enough. There are opinions to suggest the credit crisis is bigger than buyouts and bailouts. A strategic solution will involve government, business and individuals taking on responsibilities to curb the insatiable greed that has gripped our Western society involving unbalanced budgets, short-selling, borrowing on credit and speculative trading. We may be in for a rocky road ahead but at least we are starting to do something about it. Let's hope the buyout of Fortis stops the hemorrhage long enough to figure out what is really needed. By Roland Wroten | October 4, 2008 9:08 AM What are the implications for people with savings accounts at the ABN AMRO. Are they now effectively guaranteed by the dutch Government? By Tim Bett | October 4, 2008 10:32 AM Hopefully that will bring stability to the turbulent times we live today on financial industry. It would be wise if the government keep the bank on the strong brand of ABN AMRO, and wait for the global crisis settle down. However, would ABN AMRO continue an international organization after that ? (Private Clients are still there out of NL), or will remain just a solid bank but limited to the scope of NL ? By CF | October 6, 2008 8:43 AM Place your comments: |
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Big Mistake......The Dutch government will pay with the tax payers money to keep alive the brain dead white elephant.
Now that the Dutch Government has made its choice, they should immediately replace the top management.
The Ducth Government will not be able to run the Bank on its own and as such should restructure them and sell them.
The Insurance division will not be a problem to sell. Private Clients Accounts should be packaged and sold to other Banks without its infrastructure and resources. Just sell the accounts.....and ask for finders fee and keep their fingers crossed...
By yugtrams | October 3, 2008 10:29 PM