Deutsche Bank purchases ABN Amro assets

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Germany's largest bank completes its purchase of parts of ABN Amro for EUR 700 million.

The Hague – Germany's largest bank, Deutsche Bank, has completed its purchase of parts of state-owned Dutch lender ABN Amro for EUR 700 million, ABN Amro said Wednesday.

The deal covers Hollandsche Bank-Unie, a unit specialising in precious metals, and an ABN Amro financial subsidiary, IFN Finance.

Deutsche Bank said on 20 October it had signed a letter of intent with the Dutch finance ministry to buy certain ABN Amro assets ahead of a merger between ABN Amro and Fortis Bank of the Netherlands.

The sale of the assets had been required by the European Union's executive commission to ensure that the merger did not violate competition regulations.

AFP / Expatica

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