ABN AMRO factoring unit let go

Fortis and ABN AMRO have started
shedding parts of ABN AMRO’s commercial banking activities in the
Business Unit Netherlands, which includes its factoring company IFN
Finance B.V., Hollandsche Bank Unie N.V., two corporate clients
units and 13 commercial advisory branches.
The proposed sale addresses the European Commission’s concerns over
the concentration of the Dutch banking market after Fortis’
acquisition of some ABN AMRO’s assets.
The proposed activities constitute 10 per cent of the total Dutch
commercial banking market in terms of assets and income, and Fortis
and ABN AMRO said they will ensure that the interests of all
stakeholders will be represented during the sale.