Thursday 14th August 2008
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The risks in integrating the businesses was too high given the current economic climate and uncertainty in world financial markets, the bank said in a statement yesterday.
The owner of the businesses, Royal Bank of Scotland, will retain them after failing to find a buyer, Bloomberg News reported. The U.K.'s No. 2 bank is trying to sell assets after acquiring ABN Amro of the Netherlands in 2007 for about 14 billion euros.
Among the businesses is a half stake in brokerage ABN AMRO Craigs, which is owned 50-50 by senior employees of the firm and ABN Amro Holdings.
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