Nationalised Fortis and ABN Amro to merge

22nd November 2008, Comments 0 comments

Fortis Bank Nederland and ABN Amro will merge and remain nationalised for a number of years, the Dutch finance ministry has announce

22 November 2008

THE HAGUE - Both institutions were taken over by the Dutch state in early October. Fortis' Dutch insurance branch will be sold off separately.

Prime Minister Jan Peter Balkenende said the government wanted a single strong Dutch bank. 

He said the government is eager to build a solid company trusted by employees and customers that will help make the country's financial sector strong and healthy.

The institution will be headed by former conservative Finance Minister Gerrit Zalm. Former ING administrator Hessel Lindenbergh will be chairman of the board. 

Finance Minister Wouter Bos hailed both of them as authoritative figures.

Minister Bos has agreed to respect the redundancy agreements made with the unions a year ago when ABN Amro was taken over by Fortis.

The agreement means the number of job cuts will be limited to 8,000.

[Radio Netherlands / Expatica]

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