Today Fortis received approval from the European Commission for the
acquisition of ABN AMRO. As part of the approval, the Commission has
imposed remedies on Fortis to address certain competition concerns in
the Commercial Banking segment in the Netherlands.
The remedies imposed by the Commission consist of a post-acquisition
divestment package relating to specified parts of the Business Unit
Netherlands of ABN AMRO (the 'Divestment').
A key element of the Divestment is the proposed sale of Hollandsche
Bank Unie N.V. (an independent, separately licensed commercial bank),
13 advisory branches and two Corporate Client Departments and the
sale of the Dutch factoring company IFN Finance B.V.
The scope of the Divestment represents around 10% of the part of
Business Unit Netherlands to be acquired by Fortis in terms of
assets, income and initially projected revenue and cost synergies.
The corresponding projected restructuring charges, however, remain
unchanged compared to what was presented on 29 May. The remedies
imposed will not have any material effect on the post-acquisition
planned integration of Fortis and ABN AMRO.
Most of the text of the European Commission's review will be
available shortly on the website of the European Commission.
http://ec.europa.eu/comm/competition/mergers/news.html
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Important Information
This announcement is made pursuant to article 9b(1) of the Dutch
Decree on the Supervision of the Securities Trade 1995.
In connection with the offer for ABN AMRO, RBS has filed with the
U.S. Securities and Exchange Commission (the "SEC") a Registration
Statement on Form F-4, which includes the U.S. offer document, and
the Banks have filed with the SEC a Tender Offer Statement on
Schedule TO and other relevant materials. INVESTORS ARE URGED TO READ
ANY DOCUMENTS REGARDING THE OFFER BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors may obtain a copy of such documents without
charge, at the SEC's website (http://www.sec.gov). Copies of all
documents filed in connection with the offer may also be obtained
from each Bank, without charge.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
This press release is not an offer of securities for sale into the
United States. No offering of securities shall be made in the United
States except pursuant to registration under the U.S. Securities Act
of 1933, as amended, or an exemption therefrom.
Forward-Looking Statements
This announcement includes certain "forward-looking statements".
These statements are based on the current expectations of the Banks
and are naturally subject to uncertainty and changes in certain
circumstances. Forward-looking statements include any synergy
statements and, without limitation, other statements typically
containing words such as "intends", "expects", "anticipates",
"targets", "plans", "estimates" and words of similar import. By
their nature, forward-looking statements involve risk and uncertainty
because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause
actual results and developments to differ materially from those
expressed or implied by such forward-looking statements. These
factors include, but are not limited to, the presence of a
competitive offer for ABN AMRO, whether the Banks and ABN AMRO enter
into any definitive agreement with respect to the potential
acquisition of ABN AMRO, satisfaction of any conditions to the offer,
including the receipt of required regulatory and anti-trust
approvals, the successful completion of the offer or any subsequent
compulsory acquisition procedure, the anticipated benefits of the
offer (including anticipated synergies) not being realized, the
separation and integration of ABN AMRO and its assets among the Banks
being materially delayed or more costly or difficult than expected,
as well as additional factors, such as changes in economic
conditions, changes in the regulatory environment, fluctuations in
interest and exchange rates, the outcome of litigation and government
actions. Other unknown or unpredictable factors could cause actual
results to differ materially from those in the forward-looking
statements. None of the Banks undertake any obligation to update
publicly or revise forward-looking statements, whether as a result of
new information, future events or otherwise, except to the extent
legally required.
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Fortis is an international financial services provider engaged in
banking and insurance. We offer our personal, business and
institutional customers a comprehensive package of products and
services through our own channels, in collaboration with
intermediaries and through other distribution partners. With a market
capitalisation of EUR 35.1 billion (31/08/2007), Fortis ranks among
the twenty largest financial institutions in Europe. Our sound
solvency position, our presence in 50 countries and our dedicated,
professional workforce of 60,000 enable us to combine global strength
with local flexibility and provide our clients with optimum support.
More information is available at www.fortis.com.
Press Contacts:
Brussels: +32 (0)2 565 35 84 Utrecht: +31 (0)30 226 32 19
Investor Relations:
Brussels: +32 (0)2 565 53 78 Utrecht: +31 (0)30 226 65 66
