The European Commission has decided to grant an extension of the deadline for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities to Deutsche Bank.
The European Commission has decided to grant an extension of the deadline for the divestment of Fortis' corporate banking business, consisting of Hollandsche Bank Unie N.V. (HBU), two corporate client departments, 13 "Advieskantoren" and ABN AMRO's Dutch factoring activities (IFN Finance BV) to Deutsche Bank.
The extension has been granted in view of the preliminary agreement reached late on 19 th October on the sale to Deutsche Bank of HBU and the other businesses that must be divested. The further extension will allow sufficient time for the binding sale and purchase agreement to be finalised. The precise new deadline will not be disclosed publicly.
In the context of the 3 rd October 2007 merger clearance, Fortis committed to the European Commission to not merge the Dutch activities of ABN Amro and Fortis without prior divestments. This commitment, which has not lost its importance or legal validity, was taken over by the Dutch State when it acquired control of both banks and took over Fortis' position in the Consortium Agreement.
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europa.eu
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