SCOTTISH HIGH STREET BANK TO CAPTURE DENMARK
The Scottish high street bank Royal Bank of Scotland will establish an office in Denmark as a consequence of the acquisition of Dutch ABN AMRO.The Scottish high street bank Royal Bank of Scotland will establish an office in Denmark as a consequence of the acquisition of Dutch ABN AMRO.
When Royal Bank of Scotland last October acquired the Dutch high street bank ABN AMRO together with Belgium Fortis Bank and Spanish Banco Santander for EUR 77 billion, the three buyers started to split up the Dutch bank. As a result, Royal Bank of Scotland is acquiring ABN AMRO's activities in North America, the main part of Europe and most of Asia, as well as all of ABN AMRO's business clients.
Consequently, all activities in Denmark and the Nordic countries will be taken over by what is the UK's second largest bank, while Fortis is to take over ABN AMRO Capital Trust, the company behind the investment association ABN AMRO Invest which at the end of September had fund management activities valued at approximately EUR 500 million, writes Børsen Business Daily.
ABN AMRO has 110 staff in Denmark, 25 of these in capital management. However, the new ownership will not have any immediate impact, says ABN AMRO's Danish director and country manager Carsten Heinild:
"I do not think much change will take place in Denmark, other than that we will now have a stronger bank behind us which is a world leader within structured financing and has a very strong position on the British market."
Royal Bank of Scotland currently has a representative office in Stockholm, but to date has not had a presence in Denmark. Fortis, which is taking over ABN AMRO's capital management activities, established a representative office in Copenhagen last year.