Commonwealth Bank withdraws from discussions to acquire ABN AMRO Australia Holdings Pty Ltd
13 August 2008
The Commonwealth Bank announced that it had withdrawn from discussions with Royal Bank of Scotland to acquire ABN AMRO Australian holdings Pty Ltd.
The Bank advises that it has made this decision after its Board assessed the current economic climate, the uncertainty in world financial markets and the risks involved in integrating these complex businesses at this time. The Bank believes that given these factors it would not be in the best interests of shareholders to proceed with the acquisition in this environment.
The Bank will continue to fully focus its efforts in the Institutional Banking & Markets area on further organic growth and on being a leading provider of a full range of innovative and competitive financial solutions for its institutional and corporate customers.
For more information, contact:
General Manager, Media
Phone: (02) 9378 2663
Mobile: 0414 789 649