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Nationalized Dutch bank ABN Amro Group yesterday decided to postpone the legal separation from the Royal Bank of Scotland Group Plc (RBS) and is expecting the process to take place in the first quarter of 2010 at the earliest.
The split-off was initially planned for the end of 2009 and will eventually create two separate banks, the ABN Amro Bank N.V., controlled by the Dutch State, and Royal Bank of Scotland N.V., controlled by RBS.
In 2007, a consortium comprising Royal Bank of Scotland, Fortis and Banco Santander acquired ABN Amro and planned to divide its assets among them. However, the Dutch State nationalized ABN Amro in October 2008, before the portion allocated to RBS was fully separated.
The legal separation of the assets controlled by ABN and owned by RBS is part of the Dutch Government"s global restructuring plan for ABN, which is planned to be merged with another nationalized bank, Fortis Bank Nederland, and privatized in 2011 at the earliest.
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