19 November, 2009
TIMELINE-Two years of struggle for ABN AMRO
Nov 19 (Reuters) - The Dutch government is injecting another 3 billion euros ($4.5 billion) cash into nationalised bank ABN AMRO [ABNNV.UL], the latest chapter in the complicated takeover, collapse and nationalisation of the Dutch institution. [ID:nLJ718602]
Here is a summary of events leading up to the injection:
2007
April 3 - Fortis, Royal Bank of Scotland (RBS.L) and Spain's Santander (SAN.MC) say they have approached ABN AMRO, inviting the Dutch bank to takeover talks.
Oct 10 - The consortium wins a bidding war against Barclays (BARC.L) for ABN AMRO with a 70 billion euro offer, making it the biggest banking takeover in history. The amount to be paid by Fortis is 24.2 billion euros.
2008
A crisis of confidence begins to develop at Fortis during the summer over concerns about its cash position following the ABN takeover.
Sept 29 - After weekend crisis talks, the Belgian, Dutch and Luxembourg governments agree to inject 11.2 billion euros into Fortis, taking 49 percent stakes in the group's banks in their territories. Fortis agrees to sell its parts of ABN AMRO.
Oct 1 - Fortis is blocked by regulators from selling ABN AMRO assets to Deutsche Bank.
Oct 3 - The Dutch government agrees to take over the banking and insurance activities of Fortis in the Netherlands for 16.8 billion euros, including Fortis's interest in ABN AMRO.
Nov 21 - The Dutch government maps out the future of state-owned retail banks Fortis Bank NL and ABN AMRO, keeping intact plans to merge them while spinning off Fortis's insurers, and selling or listing the combined bank as early as 2011.
Dec 17 - ABN AMRO says it no longer considers valid the sale of part of its Dutch assets to Deutsche Bank.
2009
April 8 - European Commission announces in-depth investigation into the nationalisation.
May 19 - ABN AMRO says it will cut 4,000 to 5,000 jobs and 1.3 billion euros in costs while integrating FBN.
June 26 - Dutch state says it will inject 2.5 billion euros into ABN AMRO to help split the group up, but the part of the bank owned by RBS is expected to have a shortage of capital.
Aug 26 - ABN AMRO reports a first-half loss of 2.65 billion euros and says the legal separation of certain assets owned by Royal Bank of Scotland Group is on schedule.
Sept 17 - Dutch Finance Ministry says Deutsche Bank has withdrawn from asset sale talks.
Sept 28 - The Dutch Finance Ministry says it is still committed to merging ABN AMRO and Fortis Bank Nederland.
Oct 2 - The EU gives the Dutch state until Oct. 19 to close what it calls an "imminent" deal to sell some ABN AMRO assets.
Oct 7 - ABN AMRO postpones the separation of some RBS-owned assets into the first or second quarter of 2010.
Oct 12 - ABN AMRO warns it could face substantial losses from the failure of Dutch bank DSB.
Oct 20 - The government and Deutsche Bank announce a deal in principle for the sale of some ABN AMRO assets.
Nov 19 - The Dutch Finance Ministry says the Deutsche Bank deal is valued at 700 million euros and that ABN AMRO will need another 3 billion euros cash infusion. (Compiled by Ben Berkowitz, edited by Will Waterman) ($1=.6722 Euro)
Source: http://www.reuters.com
TIMELINE-Two years of struggle for ABN AMRO Added: (19.11.2009)
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