The merger of nationalised banks ABN Amro and Fortis Nederland will cost €1.2bn over the next three years, a spokesman told news website nu.nl on Friday.

The bulk of the cash is need to pay off staff who lose their jobs, integrate IT systems and reduce offices.
After three years, the merger will generate cost savings of around €1bn a year, the spokesman said.
The two banks have been put under the same holding company since Thursday. Later in the year the Fortis brand name will be phased out.