Integration of Fortis pushes ABN Amro into the red
Friday 19 November 2010
State-owned bank ABN Amro booked a loss of €627m in the first nine months of 2010, due to the cost of integrating Fortis bank and the mandatory sale of some banking activities.
Excluding these one-offs, the financial services group said it would have booked net profit of €768m.
The bank expects the integration of Fortis to cost €400m in 2011 and a further €200m in 2012.
'ABN Amro is well on its way to improving the reported and underlying profitability of the bank as synergies will start to emerge from now on and integration costs will start to decline,' CEO Gerrit Zalm said in a statement.
© DutchNews.nl
Readers' comments
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Hi,
Integration of Fortis pushes ABN Amro into the red.
“Something is rotten in the state of Denmark” , ABN
Amro to the time it belonged to the Royal Bank of
Scotland (RBS) made around 70 % the loses of the RBS.
The RBS once being Britain largest bank.The loses
incurred by ABN Amro were made by "playing" financial
poker with extravagant and risky purchases.
Regards Dr. Terence Hale
By Terence Hale | November 20, 2010 8:03 PM