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Mergers: Fortis Bank Nederland and ABN AMRO Bank Nederland - Commission grants further extension of deadline for implementation of remedies

European Commission - MEMO/09/433   02/10/2009

Other available languages: NL

MEMO/09/433

Brussels, 2 nd October 2009

Mergers: Fortis Bank Nederland and ABN AMRO Bank Nederland - Commission grants further extension of deadline for implementation of remedies

Following a request from the Dutch Government owners of the Dutch activities of ABN Amro and Fortis, the European Commission has decided to grant an extension of the deadline until 19 th October for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities to a large international bank.

European Commissioner for Competition Neelie Kroes commented "Given that there are good prospects for the imminent divestment of HBU to the most active bidder we have decided to grant an extension until 19 th October so as to allow negotiations to conclude on the essential terms of the sale".

In the context of the 3 rd October 2007 merger clearance (see IP/07/1442 ), Fortis committed to the European Commission to not merge the Dutch activities of ABN Amro and Fortis without prior divestments. This commitment, which has not lost its importance or legal validity, was taken over by the Dutch State when it acquired control of both banks and took over Fortis' position in the Consortium Agreement.


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