Dutch National Bank okays division of ABN AMRO

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Banking consortium Fortis NV, Royal Bank of Scotland and Banco Santander received permission from the Dutch national bank DNB for its "umbrella transition plan" to divide ABN AMRO among the three.

12 March 2008

AMSTERDAM - Banking consortium Fortis NV, Royal Bank of Scotland and Banco Santander received permission from the Dutch national bank DNB for its "umbrella transition plan" to divide ABN AMRO among the three.

The Dutch news agency ANP reported quoted an internal letter of ABN AMRO's board president Mark Fisher, and said an ABN AMRO spokesman confirmed Fisher sent the letter to bank staff worldwide.

The banking consortium requested permission from the DNB for its transition plan in December. The permission came earlier than expected.

In October, the consortium paid EUR 71 billion to take over the Netherlands' biggest bank, following an eight-month battle with British bank Barclays.

[Copyright dpa 2008]

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