Goldman quits as ING advisor over ABN Amro sale

April 2007

Goldman Sachs has quit its role as advisor to Dutch bank ING over its proposed deal over ABN Amro, leading to rumours that it will transfer its allegiance to a rival bidder, according to reports in a Dutch newspaper.

Financieele Dagblad, which cited unnamed sources in the article, also posited that Goldman Sachs may now offer advice to Royal Bank of Scotland (RBS), which is rumoured to be considering bidding on ABN Amro as head of a consortium.

Speculation over a link-up between Goldman Sachs and RBS has been further fuelled by the fact that the banks have traditionally enjoyed a good working relationship.

However, no counter bid will be entertained until after April 18th – the date designated for the end of the ongoing exclusive negotiations between Barclays and ABN Amro.

Citigroup, which had previously been thought to be considering a bid for ABN Amro, seemingly ruled itself out the running with the recent announcement that it is acting in an advisory capacity for Barclays.

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