A European banking combine made up of ABN Amro and Barclays would be headquartered in Amsterdam with a single-tiered board, both sides in the negotiations said on Tuesday evening. The holding company would be a PLC, incorporated in the UK, with a primary listing on the London stock exchange and secondary listing in Amsterdam.
The first chairman would be nominated by ABN Amro and the first CEO by Barclays.
However, the two banks stressed that the talks were at an ‘early and exploratory stage’ and that ‘there can be no certainty that they will lead to a transaction or the form it will take’.
A combination of the two banks would create the fifth biggest banking group in the world and the second biggest in Europe. Only the UK’s HSBC would be bigger.
Shell and other Anglo-Dutch combines have similar single-tier boards, in which the chairman is roughly the equivalent of the president of a Dutch company’s supervisory board.
Sources told Reuters that both sides are keen to see a speedy end to the talks – which could be completed in as little as 30 days.
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