Word: abn
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...Indeed, falling U.S. consumer spending and the drying up of credit create big problems for Asian companies that may not be reflected in their current stock prices. "We have not yet seen the impact in the corporate sector yet," says Irene Cheung, a corporate director in ABN Amro's Asian markets trading business in Singapore. "That's the scary part." Cheung expects a further decline of 20% to 30% in Asian equity markets...
Even for a proud old bank like Belgo-Dutch giant Fortis, with nearly 300-year-old roots and Catherine the Great among its historic clients, playing a role in last fall's $100 billion takeover of Dutch rival ABN Amro was a big moment. In the largest financial services deal ever signed, Fortis - part of a consortium alongside the Royal Bank of Scotland (RBS) and Spain's Santander - put up $34 billion in return for ABN's Dutch banking business, among other assets...
...staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis began. It was a last resort, coming after all efforts to flog the bank or its parts to rivals amounted to nothing. Fortis agreed to dump the once-prized stake in ABN, which weighed heavily on its balance sheet...
...mortgage market, the Royal Bank of Scotland had other business in hand. As French, German and Dutch banks confessed to being hit by their exposure to soured U.S. sub-prime mortgages, an RBS-led consortium was closing in on its eventual $100 billion buy-out of Dutch rival ABN Amro, the banking industry's biggest ever takeover. One year on, and Britain's second-largest lender is still making news - though these days it's much less welcome. On August 8, RBS announced it had tumbled to a $1.33 billion loss in the first half of this year - a massive...
...security, says Mark Thomas, an analyst with Keefe, Bruyette & Woods in London. "The single most important factor [in security] is that the risk-control function is independent of traders," Thomas told TIME on Thursday. "You would typically put extra supervision on that person for a couple of years." Said ABN Amro's Lakhani: "This was management's biggest nightmare...