With the filing of the legal demerger proposal, the last phase of the separation process of ABN AMRO Group into the new ABN AMRO Bank N.V. and The Royal Bank of Scotland N.V. has started. Upon completion of the legal demerger procedures, ABN AMRO plans to complete the legal demerger as early as possible in the 1st quarter of 2010.
The group aims to legally separate within 2 months of effecting the legal demerger. This legal separation will create two independent banks: ABN AMRO Bank N.V. owned by the Dutch State and The Royal Bank of Scotland N.V. owned by RBS Group plc. With the 2009 half year financial update, ABN AMRO communicated a first planning of legal separation by the end of 2009. The completion of the legal demerger filing has resulted in an updated planning.
ABN AMRO Group has on 30 September filed documentation with the Amsterdam Chamber of Commerce for the planned legal demerger of the majority of the Dutch State acquired businesses into a separate legal entity to become the new ABN AMRO Bank N.V., which will remain wholly owned by ABN AMRO Holding N.V. until it is legally transferred out of ABN AMRO Group. The demerger proposals including pro forma financial information are available on the ABN AMRO website (www.abnamro.com) and at the Amsterdam Chamber of Commerce (please refer to the press release issued on 30 September 2009 for further information on the legal demerger filing and the approach to effect the legal separation of the assets and liabilities acquired by the Dutch State).
Until legal separation ABN AMRO Group will continue to be governed by the ABN AMRO Holding N.V. Managing Board and Supervisory Board and regulated on a consolidated basis with capital adequacy, liquidity measures and exposures being reported to and regulated by the Dutch Central Bank. ABN AMRO Group continues to exceed the regulatory capital and the liquidity requirements. ABN AMRO Group and its shareholders have plans to ensure that at legal separation each individual bank is adequately capitalized and has a sound liquidity position. The change in the planning for the legal demerger and separation will not impact the preparation for the integration of the new ABN AMRO Bank with Fortis Bank Nederland, which will continue as planned.For further information, please contact
ABN AMRO Group Press Office
+31 20 6288900
RBS Group Investor Relations
+44 207 672 1758
RBS Group Media Relations
+44 131 523 4205