ABN AMRO-RBS integration running smoothly

6th December 2007, Comments 0 comments

6 December 2007, LONDON – The integration of ABN AMRO divisions that have been subsumed by Royal Bank of Scotland is running smoothly, the Scottish bank announced on Thursday.

6 December 2007

LONDON – The integration of ABN AMRO divisions that have been subsumed by Royal Bank of Scotland is running smoothly, the Scottish bank announced on Thursday.

The takeover will benefit RBS more than it had anticipated, but RBS did not want to disclose further details on this.

A consortium led by RBS acquired ABN AMRO in October for EUR 71 billion. Fortis and Banco Santander were the other members of the consortium, which split the Dutch bank up after the takeover.

RBS adjusted its profit prognosis for this year upwards on Thursday. The bank indicated that profits "would be higher than analysts' expectations." The results of ABN AMRO are not yet included in the profit forecast.

Analysts had predicted a profit of about GBP 9.86 billion (EUR 13.7 billion). RBS now expects profits to be even higher, despite the GBP 1 billion that the bank has had to write off as a result of problems on the credit markets.

Of this amount, GBP 900 million is related to RBS's own activities and GBP 300 million is related to the ABN AMRO divisions acquired.

ABN AMRO announced in a supplement to RBS's statement that it maintains its profit forecast for the whole of 2007.

[Copyright Expatica News + ANP 2007]

Subject: Dutch news

0 Comments To This Article