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This excerpt taken from the ABN 6-K filed Mar 30, 2009. APPENDIX I - to the ABN AMRO
Press Release on 2008 financial results
Update
on separation
Separation
activity in 2008
The sale of
business unit Asset Management to Fortis Belgium was concluded on 1 April 2008.
The sale of Banco Real and substantially all of the other businesses allocated
to Santander was concluded in July 2008. The main disposal of an ABN AMRO
business outside the Consortium was the sale of Banca Antonveneta to Banca Monte
dei Paschi di Siena, which was concluded in May 2008. As a consequence, all
results relating to Asset Management and Santander acquired businesses are
classified as discontinued operations.
A
number of businesses and client activities were transferred to RBS during 2008
and many businesses have been re-branded as RBS. For details of the RBS
businesses and results description, reference is made to the 2008 RBS Annual
Results documents as published on 26 February 2009 and the 2008 RBS Group Annual
Report.
Other assets and
liabilities shared in ownership by the Consortium have significantly decreased.
They have either been sold or are economically allocated to a Consortium Member.
In 2008, the majority of the Group Asset and Liability Management portfolios
were allocated to individual Consortium Members. Group Functions have been
scaled down in line with the separation of businesses.
As
the transfer of businesses to Santander is substantially complete, ABN AMRO
consists now of the remaining RBS acquired businesses, the Dutch State acquired
businesses and some residual shared assets.
Business
description and planned separation activity for 2009
RBS and the Dutch
State have agreed that the Dutch State acquired businesses will be legally
separated from the residual RBS acquired businesses into a new bank. A strategy
is being developed in relation to the RBS acquired businesses that will remain
in ABN AMRO. These businesses are principally part of the Global Banking &
Markets, Global Transaction Services, Retail and Commercial Banking divisions of
RBS Group.
It
is intended that the Dutch State acquired businesses, which consist of the Dutch
commercial and retail banking and international private clients business, will
be transferred into a new legal entity under a separate banking license. The
preparation of the license application including pro-forma financial information
is in progress and is planned for submission to the Dutch Central Bank by the
end of the 2nd quarter
2009.
In
July 2008, to comply with conditions laid down by the European Commission for
the integration of Fortis and ABN AMRO in the Netherlands, ABN AMRO agreed to
sell some of its commercial banking activities in the Netherlands to Deutsche
Bank, subject to a number of conditions including approval by the Dutch Central
Bank. At the end of the stipulated period for completing this sale, 31 October
2008, these conditions had not been fulfilled and the sale did not proceed. ABN
AMRO continues to review options for satisfying the requirements of the European
Commission.
Governance
until legal separation
Until the final
legal separation, ABN AMRO will continue to be governed by its Managing Board
and Supervisory Board and be regulated on a consolidated basis with capital
ratios and liquidity measures and exposures of the Group being reported to and
regulated by its supervisor, the Dutch Central Bank. Any future capital
repatriations to individual Consortium Members are part of an overall capital
plan agreed between all Consortium Members and are subject to regulatory
approval.
Issued debt instrument
allocation
As
part of the separation process the Consortium Members have come to an agreement
on the economic allocation of issued debt instruments within ABN AMRO to the
individual Consortium Members’ acquired businesses. All Santander allocated
instruments were transferred as part of the business transfers carried out in
2008.
A
list of the allocation of the remaining issued debt instruments to the RBS and
the Dutch State acquired businesses is published on the ABN AMRO website
(www.abnamro.com).
2
An
update on the transfer strategy and progress will be given as part of a first
quarter trading update in May 2009. Furthermore, investors and customers will be
kept informed directly or indirectly during the separation process.
3
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