ABN AMRO Group

Fortis Bank Nederland ( Holding) NV ( FBNH ) was a Dutch banking group with headquarters in Amsterdam. It emerged from the spin-off and nationalization of the Dutch part, including the shares of ABN AMRO Holding NV and the insurance business in the Netherlands, the former Fortis group in October 2008.

On 1 July 2010, the legal closing of the merger of ABN Amro by Fortis Bank Nederland was. In this process, the Fortis Bank Nederland was fully merged into ABN Amro. Future, all offices are listed under the name of ABN Amro Bank.

The main activities of Fortis Bank Nederland included retail banking, private banking and corporate banking and merchant banking. As of early 2008, the Fortis Bank Nederland had approximately 9,800 employees and had total assets of 270 billion euros. In Retail Banking, the Bank had 2.1 million retail customers and more than 50,000 SME customers. The store network comprised 160 locations in the Netherlands.

The merger of Fortis Bank Nederland and the Dutch division of ABN AMRO Bank would have approximately 4,000 to 5,000 jobs will be cut. This is intended savings of 1.0 to 1.3 billion euros are generated.

History

In the context of the financial crisis, Fortis Holding has fallen into a massive financial crisis in mid-September 2008. On 4 October 2008, the Dutch part of Fortis Group was ( ABN AMRO, Fortis Bank Nederland Holding NV, Fortis Insurance Netherlands NV) taken over by the Netherlands for 16.8 billion euros to 100 percent.

The Dutch government wants to bring in the Dutch retail banking and asset management of the split ABN AMRO Bank NV. For this part of the ABN AMRO Bank, the Dutch State has 6.5 billion euros and thus apparently paid more than the market value. Therefore, the EU Competition Authority in early April 2009 initiated a review process.

On the board are Jan van Rutte, Frans van der Horst, Jeanine Helthuis, Frans Demmenie and Jeroen Dijst.

Mid-February 2009 was formed a transition team that will lead the ABN AMRO Nederland and Fortis Bank Nederland together. President Gerrit Zalm ( former finance minister ), Vice - President Jan van Rutte.

The Dutch government wants to enforce a compensation sum of EUR 362.5 million of Fortis Holding for the shareholders of Fortis Bank Nederland.

The Bank has repaid a credit facility of EUR 34 billion, which was recorded in October 2008 to the Dutch State on July 2, 2009. There is still a residual credit facility of 32.8 billion euros compared to the Dutch State.

According to a research of Le Soir, the management knew before the purchase of ABN Amro Bank that she was threatened in the wake of the subprime crisis from a loss of 400 million euros and exposed to default risk of several billion. In order not to jeopardize the purchase project, they have the appropriate risk committee of the breach of duty not informed.

Annual data for 2008

The Fortis Bank Nederland NV has made a loss of 18.5 billion euros in fiscal 2008 ( 2007 profit of 1.3 billion euros ). This follows in particular from considerable adjustments arising from the acquisition of ABN AMRO Bank of 17.75 billion euros. In connection with the Bernard L. Madoff fraud case to further losses in 2008 of 922 million euros arising. In the operating business still 604 million euro profit were retracted in 2008.

The bank announced on 7 April 2009, I have received a 3- year government bond over 5 billion euros.

End of September 2009 declared the Netherlands to want a share of Fortis Bank to BNP Paribas to sell.

Subsidiaries

  • Fortis Bank Hypotheek N.V.
  • Fortis Bank Groen B. V.
  • Direct Bank N.V.
  • Fortis MeesPierson - Private Bank

And from the ABN AMRO

  • ABN AMRO Nederland
  • ABN AMRO Private Banking Amsterdam
  • ABN AMRO Markets
  • Hollandse Bank Unie ( HBU ) ( takeover by the German Bank)
  • ABN AMRO Mortgage Groep
  • Amstel Lease
  • International Diamond and Jewelry Group ( ID & JG)

Fortis Commercial Finance (FCF ), based in 's- Hertogenbosch is in 20 countries worldwide active and has about 700 employees. FCF is the fourth largest factoring company in the world.

Fortis Intertrust (acquired in 1997 by Fortis and Fortis Intertrust renamed in 2006 ) as a former subsidiary of MeesPierson is also part of Fortis Bank Nederland.

Finodis a service provider for outsourcing Financial Services Back Office is also part of Fortis Bank Nederland.

Naamloze vennootschap Bernard Madoff Algemene Bank Nederland Reuters
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