Fortis Bank Nederland has completed the sale of its Prime Fund Solutions arm to Credit Suisse after six months of exclusive talks, the state owned bank said in a statement.

The unit lost €900m through the Madoff fraud scandal.
The sale price was not made public but insiders estimate the proceeds to be in the region of €150m to €200m. When the unit was put up for sale in 2008, the asking price was €1bn.
Fortis, nationalised in 2008, had been under Dutch government pressure to sell the unit and a high price was not a priority, an insider told the Financieele Dagblad.
The finance ministry was concerned about possible claims against the unit, which offered services to investment funds located in tax havens. Prime Fund Solutions is also under fire in the US for its role in the Madoff affair.
‘You do not know if there are more skeletons in the cupboard,’ one banking source told the paper.