ABN Amro reports 886 million euro loss in Q1

ABN Amro bank, controlled by Dutch state, posted 886 million losses after taxes in first quarter, following the acquisition by Royal Bank of Scotland.
The news comes after ABN Amro said last week it would lay off around 4,000-5,000 employees, as part of the bank’s cost-reduction program over the course of its integration in Belgian-Dutch group Fortis.

The bank said it expected to cut costs by 1-1.3 bln euros. Fortis acquired ABN Amro together with Royal Bank of Scotland and Spain’s Santander in 2007, for 70 bln euros. Meanwhile, the financial group had divided into national lines, after losing investors’ confidence, hence turning into one of financial crisis’ major casualties.

ABN Amro Romania changed name into Royal Bank of Scotland in October 15, 2008. RBS put up for sale a line of subsidiaries, including RBS Romania.

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