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.