Word: abn
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...British government into a $55 billion bailout in October, saddling it with more than a trillion pounds (roughly $1.4 trillion) in liabilities. In a jam-packed committee room, the former bankers picked over their biggest mistakes. Shelling out some $15 billion for a chunk of rival Dutch lender ABN Amro in mid-2007 - when all the signs were pointing to a testing time for banks - was "a big mistake," Tom McKillop, RBS's former chairman, told the committee...
...timing could hardly have been worse: the bank announced on Monday that its losses for 2008 could be as high as $41 billion - by some stretch the biggest loss in British corporate history. Much of that loss is due to RBS's ill-timed acquisition of Dutch lender ABN Amro in 2007. "Yes, I'm angry at RBS and what happened," Brown conceded. But, he added, "We have to recognize anger is not enough...
...bosses at RBS, the bailout will be particularly humiliating. Only last April, the Edinburgh-based bank called on investors for some $20 billion in much-needed capital, after subprime-related losses - and an ill-timed takeover last year of Dutch bank ABN Amro - blew a big hole in its balance sheet. "It's immensely regretful we're coming to shareholders to raise funds again," said RBS chairman Tom McKillop. "It's something we feel bad about." So bad, in fact, that McKillop now plans to quit next year; RBS CEO Fred Goodwin resigned Monday, as did his counterpart at HBOS...
...taking control of the Belgian and Luxembourg assets of finance and insurance group Fortis, less than a week after it was partially nationalized as part of a $16.4 billion rescue plan. The Dutch government had moved on Friday to nationalize fully the group's Dutch assets, including the bank ABN-Amro. As a consequence of its estimated $21 billion move for Fortis, BNP will be the largest commercial bank in Belgium - and the Belgian government becomes BNP's biggest shareholder...
That drop in U.S. consumer spending along with the drying up of credit could well create a huge problem for Asian companies yet to be reflected in their stock prices. "We have not yet seen the impact in the corporate sector yet," says Irene Chung, a corporate director in ABN Amro's Asian markets trading business in Singapore. 'That's the scary part.' Chung expects a further decline of 20% to 30% in Asian equity markets. Not everyone is so bearish; Kowalcyzk predicts a further decline this year of 5%. But with most Asian markets already down 30%, or close...