Deutsche Bank buys Dutch state bank

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.

Deutsche Bank buys Dutch state bank
Photo: DPA

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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Deutsche Bank set ‘to cut ties with Trump’

Deutsche Bank will cease its longstanding relationship with outgoing US president Donald Trump, The New York Times reported on Tuesday.

Deutsche Bank set 'to cut ties with Trump'
Deutsche Bank's headquarters in Frankfurt. Photo: DPA

Deutsche Bank was Trump's primary lender for two decades, and he owes the institution more than $300 million, according to the newspaper, which cited an unnamed source as saying the German lender “has decided not to do business with Mr. Trump or his company in the future.”

Deutsche Bank declined to comment to AFP.

The move comes on the heels of last week's violent attack on the US Capitol by Trump supporters at the president's incitement, and follows steps taken by other companies to cut ties with Trump and his businesses.

READ ALSO: Trump under investigation for Deutsche Bank ties

Christiana Riley, head of Deutsche Bank's US division, called the violent
siege on the Capital “a dark day for America and our democracy” in a post on LinkedIn last week.

“We are proud of our Constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place,” Riley said.

“It is my hope that these shocking events will result in a reinvigoration
of the principles our nation was built upon.”

Trump's relationship with Deutsche Bank has sparked numerous probes in the United States, including in New York, where the Manhattan District Attorney is investigating whether Trump committed financial crimes as he sought loans.

READ ALSO: 'Worlds between us': What Trump's German family's town thinks of him today