Mumbai: Nationalised Dutch bank ABN AMRO reported a large first-half loss on Wednesday and said the legal separation of certain assets owned by Royal Bank of Scotland is on schedule.
ABN said the 2.65 billion euros loss in the first six months stems entirely from the RBS businesses and that the operations acquired by the Dutch state were profitable.
The bank was nationalised last October when the Dutch state bought the local assets of Fortis amid a crisis of market confidence.
It had been acquired a year previously by a consortium that included Fortis and RBS. Some of the assets it still controls legally belong to RBS, and ABN said the transfer of those assets will take place as planned by year's end.
Once the RBS separation is complete the state intends to combine ABN and Fortis Bank Nederland into a new entity called ABN AMRO Bank NV, which is then expected to be privatised sometime in 2011 or later.
Bureau Report
First Published: Wednesday, August 26, 2009, 13:14