Commonwealth Bank of Australia in discussions to acquire ABN AMRO Australia Holdings Pty Ltd
23 July 2008
The Commonwealth Bank today advised that it was in discussions with Royal Bank of Scotland to acquire ABN AMRO Australia Holdings Pty Ltd (ABN AMRO). The proposal is incomplete, subject to further negotiation and subject to signing a final, binding agreement.
The Bank also advised that it had entered a period of exclusivity around negotiations and due diligence with Royal Bank of Scotland. Any final agreements would require Board approval and all necessary competition and regulatory approvals.
The ABN AMRO Australian and New Zealand businesses would be complementary to the Commonwealth Bank’s already extensive Institutional Banking & Markets business and would enhance the range of services that the Bank offers in the financial markets areas.
For more information, contact:
General Manager, Media
Phone: (02) 9378 2663
Mobile: 0414 789 649