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BFCSA: ABN AMRO NZ and 2009 we need vigilance...............

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ABN Amro to find out tonight if it’s in the 'bad bank'

| Thursday February 26, 2009

Investment bank ABN Amro and New Zealand’s biggest retail investment advisory network ABN Amro Craigs could soon be ringfenced into a “bad bank,” put up for sale and forced to cut jobs.  Royal Bank of Scotland, which owns half of ABN Amro Craigs and all of ABN Amro in New Zealand, is expected to announce a radical restructure tonight (NZ time) that could result in the loss of 20,000 jobs worldwide.

New RBS chief executive Stephen Hester is mirroring a formula he employed at his previous post at Abbey National by creating a separate “bad bank” consisting of unwanted businesses and toxic assets, which is ringfenced from the rest of the RBS balance sheet.  He will then look to offload all of the bad bank’s businesses, which are reported to include the Australasian and Asian operations of ABN Amro; RBS’s aircraft leasing unit; and portfolios of mortgage and lending assets by US business Charter One.

The restructure is expected to take five years and involve RBS withdrawing from about half the 60 countries in which it operates.

ABN Amro Craigs has more than 60,000 retail investor clients, and 300 staff in 17 locations around New Zealand. Its head office is in Tauranga and senior employees own half the company.  ABN Amro New Zealand chief executive Simon Allen did not respond to NBR’s request for comment yesterday.

ABN Amro’s New Zealand assets are a subsidiary of ABN Amro Australia, so both sides of the Tasman will probably share the same fate. more



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