When I read this today morning, my jaw hit the ground. The veritable cheek of those gits is amazing, after running a perfectly good bank to the ground, the market punished them severely. And now, they want to recreate and purchase some bits back? The Chutzpah of some people…and some people never learn. Read and Weep.
ABN Amro, the nationalised Dutch bank, has held exploratory talks with Royal Bank of Scotland on buying back some of its former businesses as the Dutch government tries to recreate a viable third large Dutch bank.
Wouter Bos, Dutch finance minister, told the Financial Times that there had been contact between RBS and ABN. But he said the idea was not to seek to recreate ABN Amro as it was before RBS led a consortium of banks in 2007 that bought it and broke it up.
“It’s going to be a new bank,” he said. “In the Dutch market there is still room next to ING and Rabobank for another major player and I believe also in Europe there is still room for a Dutch bank that expands, that has a foreign network, that can serve Dutch clients, at least Europe-wide.”
It is most likely that ABN Amro will seek to buy back international operations that it lacks in its current form, which is dominated by a domestic retail banking operation.
RBS also owns ABN’s former corporate banking operations, which served large Dutch corporate clients and some small and medium businesses, but the business has already been integrated into RBS management and IT systems, making it less easy to separate
Quote of the Day:
If you can't beat your computer at chess, try kickboxing.