More time for ABN Amro/Fortis units sale
Tuesday 22 September 2009
The European Commission has given finance minister Wouter Bos two more weeks to find a buyer for parts of ABN Amro or Fortis so that the two nationalised banks can be merged, Nos tv reports.
Brussels has said no to the merger unless parts of the company are sold off to reduce its market dominance. Last week, the planned sale of the HBU banking unit to Deutsche Bank collapsed.
Nos says finance ministry and commission officials will work together looking for alternatives. The new deadline is October 2.
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Wednesday: An overcast and misty start but sunny spells later. Max 7º on coast, 13º inland
I'm not sure the whole ABN/Fortis merge still make any sense. Both banks seems not so eager to merge with each other. Why create such amount of work selling and merging which will drag down the recovering speed on both side.
By chloe | September 22, 2009 4:56 PM