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:
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
ABN AMRO Holding N.V.
Interim Financial Report for the six months ended 30 June 2009
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