ABN Amro sells stakes in two credit subsidiaries

31st July 2007, Comments 0 comments

AMSTERDAM, July 31, 2007 (AFP) - Dutch banking groupo ABN Amro said Tuesday it had sold majority stakes in two of its credit subsidiaries to an affiliate of Credit Agricole of France for an undisclosed amount.

AMSTERDAM, July 31, 2007 (AFP) - Dutch banking groupo ABN Amro said Tuesday it had sold majority stakes in two of its credit subsidiaries to an affiliate of Credit Agricole of France for an undisclosed amount.

ABN said it had spun off InterBank, the leading Dutch credit company, and DMC Group to Credit Agricole unit Sofinco.

ABN is currently being courted by Barclays of Britain and a three-bank consortium headed by Royal Bank of Scotland.

Barclays is proposing about 66 billion euros (90.4 billion dollars) while RBS and its partners, Banco Santander of Spain and the Dutch-Belgian group Fortis, have offered 71.1 billion euros for ABN.

Either offer would constitute the largest takeover in banking industry history.

ABN Amro management has taken a neutral position, saying it cannot recommend either proposal to shareholders.

AFP

Subject: French news

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