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Deutsche Bank buys Dutch state bank

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Deutsche Bank buys Dutch state bank
Photo: DPA
07:55 CET+01:00
Germany's largest bank, Deutsche Bank, has completed its purchase of parts of state-owned Dutch lender ABN Amro for €700 million ($1 billion), ABN Amro said Wednesday.

The deal covers Hollandsche Bank-Unie, a unit specialising in precious metals, and an ABN Amro financial subsidiary, IFN Finance.

Deutsche Bank said on October 20 it had signed a letter of intent with the Dutch finance ministry to buy certain ABN Amro assets ahead of a merger between ABN Amro and Fortis Bank of the Netherlands.

The sale of the assets had been required by the European Union's executive commission to ensure that the merger did not violate competition regulations.

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