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This excerpt taken from the ABN 6-K filed Aug 28, 2009. Step 2 - “Legal Separation”:
Transferring the shares of ABN AMRO II N.V. from ABN AMRO Holding N.V. to a new
Holding Company fully owned by the Dutch State and independent of ABN AMRO
Holding N.V. This is planned for execution by the end of 2009. ABN
AMRO Holding N.V will then be renamed The Royal Bank of Scotland Holding
N.V.
ABN AMRO Bank N.V.
plans to file legal demerger documentation with the Dutch Chamber of Commerce in
September. The demerger proposal outlines the Bank’s legal
demerger process and provides creditors of ABN AMRO Bank N.V. with pro forma
financial information as of 30 June 2009 allowing for assessment of the impact
of the legal transfers and demergers on ABN AMRO Bank N.V. The
documentation includes information on the impact on employees, creditors and
suppliers and will be available on the ABN AMRO’s website (www.abnamro.com).
The legal demerger proposal comprises a description of the assets and
liabilities to be transferred and pro forma financial information.
The Dutch State’s
part of the assets and liabilities that are not yet allocated to any of the
Consortium shareholders, the so-called Shared Assets, are not included in the
legal demerger. These are in the process of being sold or otherwise
transferred. They will at the time of legal separation continue to be
legally held by RBS N.V. under shared economic ownership until such time that
they will be divested or otherwise discontinued.
Following the
demerger and the transfer of the Dutch State acquired businesses into the new
bank, the existing ABN AMRO Bank N.V. will be renamed The Royal Bank of Scotland
N.V. (RBS N.V.). The new legal entity comprising the Dutch State
acquired businesses will be named ABN AMRO Bank N.V. Both entities
are 100% owned by ABN AMRO Holding N.V. during this phase and will be governed
by the ABN AMRO Holding N.V. Managing Board and Supervisory Board, while being
regulated on a consolidated basis by the Dutch Central Bank.
ABN AMRO Group
continues to operate as a separately well capitalised and regulated entity under
the supervision of the Dutch Central Bank during the period of transition,
continuing to exceed the minimum Tier 1 and a Total Capital ratios set by the
Dutch Central Bank throughout the transition period, of 9% and 12.5%
respectively. ABN AMRO Group continues to meet the regulatory
liquidity requirements and to be well funded. The future independent
banks, RBS N.V. and ABN AMRO Bank N.V. (new) expect to continue to comply with
Dutch Central Bank minimum liquidity and solvency requirements. The
Dutch Central Bank has been extensively informed about and involved in the
transaction structure for the Dutch State acquired businesses with approvals
seeked where required.
Further
information on the legal demerger will be made available on the following
Intranet links
For the ABN AMRO
Bank N.V. Issued Debt Instruments Economic Allocation please refer to:
http://www.group.abnamro.com/financials/allocation.cfm
Investor Relations
ABN AMRO: http://www.group.abnamro.com/investors/investors.cfm
Update on
Separation: http://www.future.abnamro.com/en/home.cfm
For
further information, please contact
8
Item 2
UNAUDITED ABN AMRO Holding
N.V.
Interim Financial Report for the six
months ended 30 June 2009
Page 1 of
37
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