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London: European banking entity ABN Amro Group has reported a loss of 886 million euros (about USD 1.24 billion) for the first quarter of 2009, primarily bogged down by huge losses at its businesses acquired by the Royal Bank of Scotland.
Battered by the financial turmoil, ABN Amro was taken over by three parties last year -- RBS, Banco Santander of Spain and Belgium-based Fortis. Later, the Dutch government replaced Fortis as the partner.
ABN Amro today said it has incurred a loss after tax of 886 million euros for the first three months ended March 31, 2009.
“The Group's total loss after tax comprises of a loss after tax of 928 million euros attributable to the Royal Bank of Scotland Group Plc (RBS) acquired businesses,” among others, ABN Amro said in a statement.
RBS, Santander and the Dutch State are continuing to work on a joint plan for legally separating “the Dutch State acquired businesses from the residual RBS acquired business into two separate banks”.
“The Dutch State acquired businesses will be transferred into a new legal entity, to be named ABN AMRO Bank NV, under a separate banking licence.
“Legal separation is expected to be finalised by the end of 2009,” the statement noted.
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