ABN AMRO Group has announced that its last phase of the separation process into the new ABN AMRO Bank and The Royal Bank of Scotland has started, following the filing of the legal demerger proposal with Amsterdam Chamber of Commerce.
Reportedly, upon completion of the legal demerger procedures, ABN AMRO plans to complete the legal demerger in the first quarter of 2010. The group aims to legally separate within two months of effecting the legal demerger. This legal separation will create two independent banks: ABN AMRO Bank owned by the Dutch State and The Royal Bank of Scotland owned by RBS Group. With the 2009 half year financial update, ABN AMRO has communicated a first planning of legal separation by the end of 2009. The group has said that the completion of the legal demerger filing has resulted in an updated planning.
ABN AMRO Group further added that it has filed documentation on 30 September with the Amsterdam Chamber of Commerce, for the planned legal demerger of the majority of the Dutch State acquired businesses into a separate legal entity to become the new ABN AMRO Bank, which will remain wholly-owned by ABN AMRO Holding, until it is legally transferred out of ABN AMRO Group.
Moreover, until legal separation, ABN AMRO Group will continue to be governed by the ABN AMRO Holding managing board and supervisory board and regulated on a consolidated basis with capital adequacy, liquidity measures and exposures being reported to and regulated by the Dutch Central Bank.
