ABN Amro cancels Deutsche Bank sale

ABN Amro told its workers on Wednesday that the agreement to sell parts of its business to Deutsche Bank is no longer valid.

The sale was one of the provisions laid down by European competition commissioner Neelie Kroes for the takeover of the bank by Fortis, says news agency AFN on Thursday. Among the parts to be sold was Holland Bank Unie in which Deutsche Bank already has a 10% stake.
The nationalisation of Fortis and ABN Amro by the Dutch state has created ‘a new situation’, according to a spokesman.
A spokesman for Kroes told AFN the commissioner still wants the combination Fortis/ABN Amro to sell off some of its business. ‘If not to Deutsche Bank, then to another party,’ the spokesman said.
The CNV union said it was disappointed the bank could still not give workers any clarity aboiut their future. There was no comment from Deutsche Bank.

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