ABN Amro has recommended that its shareholders opt not to follow The Children's Institute's (TCI) proposals to break-up the bank when they are asked to vote on the company's future direction.
Shareholders will be given the option to decide ABN Amro's strategy on April 26th at a meeting when they will be asked to choose between an $80 billion merger offer from Barclays Bank, TCI's proposals that the bank sells off some of its interests and a possible rival merger bid from Citigroup.
However, in a statement ABN suggested that it favours Barclays' bid rather than TCI's proposals: "We do not believe the interests of our shareholders would be best served by the mere short-term cash generation actions embodied in the proposals that TCI has put forward for consideration.
"The managing board and the supervisory board believe that a merger with Barclays may provide the opportunity to create additional value, and we are excited about the potential opportunities that a merger with Barclays could offer."
Should the Barclays offer be accepted it would represent the largest-ever cross-border transaction and would create a company with 220,000 staff and 47 million customers worldwide.
Calypso voted the best software solution and best buy-side collateral management solution of the year by FTF Calypso Technology Inc., a leading provid...View article
Calypso Technology, Inc. is sponsoring the Central Banking Summer meetings from June 14th to June 18th, 2021! Herve de Laforcade, Global Head of Marke...View article
Manchester, UK, 10 June, 2021: AccessPay is now available to hundreds of thousands of Sage users through their online marketplace.The fast-growing Man...View article