Another €3bn from the state for ABN Amro

The Dutch state is to provide a further €3bn capital injection to pay for the integration of ABN Amro and Fortis Nederland, finance minister Wouter Bos said in a statement on Thursday.

In addition, loans amounting to €1.4 bn will be converted into equity, the minister said.
The new capital injection is ‘necessary, advisable and prudent,’ Bos said. The money means the two banks can complete their merger and meet central bank capital demands, he said.
The two banks were nationalised in 2008 after their Dutch Belgian parent company Fortis came close to collapse. The state paid some €16.8bn to take them over. In December last year, Bos bought €6.5bn worth of shares in ABN Amro. A further €2.5bn was put into the combine in June.
Bos’s letter to MPs also revealed that Deutsche Bank is paying €700m to take over HBU and other ABN Amro units ordered by the European Commission.

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