DSB bankruptcy pressures ABN Amro

The collapse of independent bank DSB cost nationalised bank ABN Amro €100m in contributions towards the savers’ guarantee compensation fund, ABN Amro said on Friday.

And the separation process from the consortium which bought the bank in 2007 and the integration with Fortis added another €106m to the bank’s one-off costs, the bank said at the presentation of its 2009 results.
ABN Amro posted a loss of €117m last year
‘2009 was a year with many challenges,’ said CEO Gerrit Zalm in a statement. ‘Revenues and margins were under pressure due to difficult market conditions and loan impairments rose to new highs.
Profit
‘Excluding the separation and integration costs and charges for the Dutch deposit guarantee scheme, a net profit of €114m would have been realised.’
The formal separation of ABN Amro from the consortium is due to take place on April 1.
This ‘will represent a new starting point for the bank and will enable us to start building a strong, solid bank, which combines the best of ABN Amro and Fortis Nederland,’ Zalm said.