Royal Bank of Scotland to launch a bid for ABN AMRO

Royal Bank of Scotland has said in a statement that they are now going to abandon its consortium approach. The bank now plans to launch a solo bid to buy Dutch bank ABN AMRO.

The bank is currently valued at over 68 billion Euros. They were seeking a possible consortium approach with Santander and Fortis group which they now believe was getting too complicated.

The Sunday Times added in a report that Santander and Fortis would now become silent financial backers to this deal. The report further said that the ABN shareholders are now likely to receive cash and shares in RBS alone if the deal finalizes.

Interestingly, Barclays Plc is another bank which is currently in talks to acquire ABN since quite some time.

An RBS spokesperson had little to say about these new developments reported by the newspaper but did say that RBS plans to meet with ABN management with its consortium partners as planned.

Popularity: 42%