View more on these topics

Dutch bank that sunk RBS set for £12bn float

The bank at the heart of the collapse of Royal Bank of Scotland during the height of the financial crisis is due to be floated in the first half of 2016, eight years after it was nationalised by the Dutch government.

Netherlands Financial Investments invited investment banks to bid to be part of the float just before Christmas, with a £12bn listing expected in the first half of next year, the Sunday Times reports.

ABN Amro was bought by Fred Goodwin-led RBS for €71bn (£55.6bn) in 2007. It was then split into three, with Spanish bank Santander and Belgian bank Fortis taking the other two parts.

A year later the global financial crisis struck and RBS was one of several UK banks that had to be bailed out by the government in 2008. The bailout cost the taxpayer at least £46bn and Goodwin was stripped of his knighthood.

The Dutch bought Fortis’s share of ABN back for €28bn and now aim to sell up to a quarter of its 100 per cent stake, potentially raising €3bn.

ABN Amro said: “We see the independent existence of ABN Amro as a positive for the competitive landscape of Dutch banking. It’s not natural to be in state hands.”

Recommended

Mervyn-King-700x450.jpg
2

Lord King warns on UK banking system

Former Bank of England governor Lord Mervyn King has warned the UK’s financial system is not “entirely safe”. Speaking on BBC Radio 4’s Today programme yesterday, King questioned the banking system’s ability to withstand another crisis and argued the core problems that led to the meltdown have not yet been dealt with. He said: “I don’t […]

Justice-Fine-Ban-Court-Gavel-Judge-700x450.jpg
2

Director banned over £1.7m land banking scam

A man who ran a £1.7m land banking scam through his three companies has been disqualified from acting as a company director for 14 years. Eren Metcalfe, formerly known as Eren Cemal Ibrahim, was the sole director of Natural Wealth Solutions, Proctor Capital and Land Security Management. The companies were wound up in July 2013 […]

House-Home-Property-Ladder-Mortgage-700x450.jpg

Think-tank calls for tougher tax powers on empty homes

A leading think-tank wants greater tax controls for local authorities to help tackle the growing problem of long-term empty properties and the UK’s wider housing crisis. A report by the Institute for Public Policy Research, published yesterday, shows there are around 635,000 empty homes across England, with 216,000 unoccupied for six months or longer. More […]

Stockmarket-Performance-Business-700x450.jpg

US private equity firm circles Towergate

A US-based private equity firm has joined the battle for troubled insurance broker Towergate, after purchasing a portfolio of the company’s senior loans. The Sunday Times reports that Apollo, a $164bn investment firm, is plotting a £715m debt-for-equity deal to acquire Towergate, which last month revealed it had received more than one takeover bid. The […]

Singapore cover image - thumbnail

White paper — Singapore International Insights

Jelf Employee Benefits assesses key trends within the international private medical insurance provision of organisations with employees in Singapore. Benefit structure, cost management and healthcare facilities are examined and key considerations are highlighted. This edition will be of particular interest to global human resource directors and benefit managers with local and expatriate populations in Singapore.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. “It’s not natural to be in state hands.”

    and the alternative was?

Leave a comment