ABN chairman to steps down

11th October 2007, Comments 0 comments

11 October 2007, AMSTERDAM - ABN Amro chairman Rijkman Groenink will step down, the Dutch bank announced Wednesday after a European consortium led by Royal Bank of Scotland declared victory in a takeover battle for the lender.

11 October 2007

AMSTERDAM - ABN Amro chairman Rijkman Groenink will step down, the Dutch bank announced Wednesday after a European consortium led by Royal Bank of Scotland declared victory in a takeover battle for the lender.

"Rijkman Groenink has decided that he will step down as chairman of the managing board of ABN AMRO on the day ABN AMRO holds an extraordinary general meeting of shareholders" at a date to be announced later, ABN Amro said in a statement.

During a turbulent takeover tussle, Groenink made clear he preferred a deal with British bank Barclays. But Barclays last week bowed out of the contest in the face of a higher bid by the consortium.

"Shareholders have now chosen the consortium's offer. That is why it is appropriate for me to make way for a successor who is willing and able to execute the consortium's plan," Groenink said in a statement.
Groenink was named chairman of ABN Amro in 2000.

Earlier on Wednesday the consortium grouping Royal Bank of Scotland (RBS), Belgian-Dutch group Fortis and Spain's Banco Santander described its offer - which sealed the banking industry's largest ever takeover - as "wholly unconditional."

The consortium bid values the Dutch lender at about 100 billion dollars (71 billion euros).
RBS, Fortis and Banco Santander confirmed that shareholders representing about 86 percent of ABN stock had accepted the offer and announced plans to buy the remainder Wednesday.

[Copyright afp 2007]
Subject: Dutch news

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