Deutsche Bank to buy parts of Dutch ABN Amro
The deal, which has yet to be approved by relevant parties and authorities, will see parts of the ABN Amro's commercial banking activities being sold to the German bank.Frankfurt – The biggest German bank, Deutsche Bank, said Tuesday it would buy parts of the state-owned Dutch lender ABN Amro's activities in the Netherlands for an undisclosed amount.
"The assets to be acquired remain the same as those in the original agreement announced on 2 July 2008. Negotiations continue on final terms and conditions" with the Dutch finance ministry, a statement said.
The deal, targeting parts of the Dutch bank's commercial banking activities, is subject to approval by ABN Amro, Deutsche Bank's supervisory board, the Dutch central bank and regulatory authorities, it added.
In September, Deutsche Bank had said it would abandon negotiations for the purchase of parts of ABN Amro.
In July 2008, the Belgian-Dutch banking and insurance group Fortis had announced the sale of a portion of ABN's commercial activities to Deutsche Bank for EUR 709 million, a requirement under fair competition conditions set by the European Commission.
Two years ago RBS, Banco Santander and Fortis bought ABN Amro in the biggest banking takeover of all time. The European Commission insisted that ABN Amro and Fortis sell 10 percent of their activities to prevent the new bank from having too dominant a position in the market.
The Dutch government stepped in and nationalised the ABN Amro divisions owned by Fortis. The sale is a condition for the merger of ABN Amro and Fortis.
Earlier on Tuesday, the German business daily Handelsblatt cited financial sources as saying that Deutsche Bank was interested in subsidiaries of the Italian bank Monte dei Paschi di Siena (MPS).
A Deutsche Bank spokesman contacted by AFP declined to comment on what he called "rumours."
Deutsche Bank is actively seeking to bolster its retail banking activities and reduce its dependence on a globally significant investment bank unit that is vulnerable to financial market volatility.
The German bank is also in talks on taking a stake in compatriot Sal Oppenheim, which specialises in banking services to the wealthy. The talks are expected to wrap up later in October or in early November.
AFP / Radio Netherlands / Expatica