The latest developments
Frequently asked questions
- Could you give me an update of the latest developments?
Fortis has sold the parts of ABN AMRO that it owned to the Dutch State with immediate effect. This includes the Netherlands and Private Clients Business Units. These parts of ABN AMRO have been fully separated from the Fortis Group. In addition, the State has taken over the Dutch banking and insurance activities of Fortis.
- Why did the government take this step?
With this initiative the government aims to safeguard security and stability for the banks' clients, employees and other stakeholders.
- What does this mean for me as a client?
This is good news for you because it helps restore calm to the banking sector in the Netherlands. This development has no practical consequences for you as a client. You can simply continue counting on our services in the way you are accustomed to.
- Is ABN AMRO now being run by the government?
No, the State has only become 100% owner of the business units mentioned. The day-to-day management of the bank remains unchanged.
- Is it true that the government has also taken over parts of Fortis?
That is correct; the Dutch banking activities of Fortis as well as the insurance activities have also passed into the hands of the Dutch State.
- Are these parts of Fortis now being merged with ABN AMRO?
The situation is not yet entirely clear in this respect. Further information will follow in the coming period.
- What does this development mean for the safety of my savings?
ABN AMRO was and is an extremely strong and solid bank with an excellent financial position. There was already no need for you to worry about the safety of your savings at ABN AMRO and now that the bank is in the hands of the State, your savings are even safer than ever.
- What exactly is the consortium’s role?
All activities of ABN AMRO worldwide have been transferred to RFS Holding, whose shareholders are the three consortium banks. RBS and Santander will remain shareholders and are currently working to separate the parts of ABN AMRO they have purchased. The Fortis share in RFS Holding has now been acquired by the State. This means that the Dutch Sate has become responsible for the separation of ABN AMRO Netherlands and ABN AMRO Private Banking.
- Will the merger of ABN AMRO Asset Management and Fortis Investment Management still go ahead?
This merger has been in place since April 2008, and will not therefore be affected by the recent developments.
However, the merger has had an indirect effect on the ABN AMRO investment funds: ABN AMRO now no longer has any investment funds of its own (‘in-house funds’).
Fortis Investment Management forms part of Fortis Belgium and, as is the case for Robeco and Fidelity for example, is a fund manager with which ABN AMRO does business.
In short, ABN AMRO no longer engages in the development and management of investment funds and does not have any in-house funds.
