ABN Amro posts $1.2 b Q1 loss

ABN Amro posts $1.2 b Q1 loss



Battered by the financial turmoil, ABN Amro was taken over by three parties last year — RBS, Banco Santander of Spain and Belgium-based Fortis. Later, the Dutch government replaced Fortis as the partner.

ABN Amro said it has incurred a loss after tax of 886 million euros for the first three months ended March 31, 2009. “The Group’s total loss after tax comprises of a loss after tax of 928 million euros attributable to the Royal Bank of Scotland Group Plc (RBS) acquired businesses,” among others, ABN Amro said in a statement. RBS, Santander and the Dutch State are continuing to work on a joint plan for legally separating “the Dutch State acquired businesses from the residual RBS acquired business into two separate banks”.

“The Dutch State acquired businesses will be transferred into a new legal entity, to be named ABN AMRO Bank NV, under a separate banking licence.

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