Deutsche Bank completes buyout of ABN AMRO's banking biz

Source:BS:Press Trust of India / Amsterdam/new Delhi April 02, 2010, 16:09 IST

Deutsche Bank AG has completed the acquisition of Dutch bank ABN AMRO's commercial banking activities in the Netherlands.

The closing of the transaction follows the approval by the European Commission and other regulatory bodies, Deutsche Bank said in a statement.

The operations to be acquired by Deutsche Bank are part of ABN AMRO Business Unit Netherlands, and include two corporate client units, 13 commercial advisory branches, parts of the Rotterdam-based Hollandische Bank Unie NV and the factoring services unit IFN Finance BV.

Germany's fourth-largest bank said the acquired businesses would use Deutsche Bank brand name.

"With this transaction, the Netherlands becomes a significant commercial banking market for Deutsche Bank. This is a key step in Deutsche Bank's strategy to expand its stable businesses and extend its presence with European SME and Midcap clients," the bank's Global Transaction Banking Head and Group Executive Committee member Werner Steinmueller said.

In 2008, the banking entity had entered into an agreement to acquire parts of ABN AMRO's commercial banking activities in the Netherlands for euro 700 million in cash.