British watchdog probes ABN Amro takeover

Britain’s Financial Services Authority has begun an investigation into Royal Bank of Scotland’s ‘disastrous’ takeover of ABN Amro in 2007, the Times newspaper reports on Monday.

The financial services sector watchdog investigation will also focus on RBS’s £12bn rights issue following the acquisition, the paper says.
The inquiry was revealed in a footnote in RBS’s interim results earlier this month and the British bank said it is cooperating fully, the paper says.
RBS, Fortis and Santander took over ABN Amro for some €70bn, just prior to the start of the credit crunch.
RBS has since had a £20bn cash injection from the British government and the Dutch-Belgian financial services group Fortis has been broken up and largely nationalised.

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