ABN Amro Private Client Integration to Take Two Years Says Fortis

Stephen Harris

2 April 2008

Belgium Dutch banking group Fortis expects its integration of the ABN Amro private client business that it acquired last year as part of the RBS, Santander consortium, to take until the end of 2010, according to its chief executive Jean-Paul Votron. Mr Votron also confirmed the deal’s financial assumptions – synergies of $2 billion - and growth targets. Fortis has also confirmed that it is exploring joint opportunities with Ping An, the Chinese insurer which has recently acquired a 50 per cent stake in Fortis Investments, making it the largest shareholder in the group as a whole, with 4.2 per cent.