ABN AMRO, the Dutch-based
nationalised lender, recorded a €117m ($156m) loss at its core
operations for fiscal 2009, after higher loan provisions and
pressure on interest margins.
The bank also forecast another
deficit for 2010 as it completes a three-year restructuring which
will see it merge with Fortis Bank Netherlands (to be branded
together as ABN AMRO) by 2012.
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The restructuring meets conditions
set by the European Commission (EC) to separate businesses owned by
Royal Bank of Scotland (RBS) and sell a stake in its commercial
client activities to Deutsche Bank.
The EC required ABN to sell stakes
in certain operations to preserve competition and, with the RBS
separation and Deutsche Bank sales completed, ABN AMRO can begin
its Fortis merger.
The bank said, if separation and
integration costs were excluded, as well as charges for the Dutch
bank deposit guarantee scheme, it would have earned a net profit of
€114m for the year.
The Dutch government nationalised
ABN in October 2008, but between the initial acquisition and
subsequent capital injections, the government has spent an
estimated €26bn on nationalising the bank, making it one of the
world’s most costly bailouts following the credit crisis.
