Yet another major bank, this time a European one, is in trouble. Dutch Belgian bank Fortis has announced it will rapidly try to sell more of its assets in order to keep the company, well, alive and going. Fortis’ stocks, logically, fell.
Fortis even indicated that it may sell its shares in ABN AMRO bank – another major Dutch bank, which was taken over by a partnership of three (banks) last year.
The takeover cost ABN tremendously back then. Especially the Rabobank – a corporation and therefore less likely to be hit as severely by the crisis as its main competitors – was able to pull in a lot of (former) ABN customers. Reports indicate that the Rabobank will benefit once again from the current crisis; if Fortis sells out, Rabo will benefit.
On the whole, however, the picture is looking increasingly grim for every bank in the Netherlands (and many Dutch banks are major world players; Rabo and ABN both are, as is of course the ING). When one bank collapses, it is likely that others will suffer as well; as we saw happening in the United States.
As such, Dutch central bank chief Nout Wellink cancelled a speech in Chicago and flew back to the Netherlands. Fortis hopes to be able to sell many of its assets before the weekend has ended.
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I have my life savings (no pension) tied-up with ABN-AMRO in Singapore. I have been assured yesterday by the bank manager that they are one of the strongest banks in the world. Anyone care to comment?
Thanks
With everything going on in the us with the banks failing im not too surprised. I had a mortgage with ABN Amro and it was one of those adjustables when my payment went up for the third time I called them and had to tried to get them to refinance me but after paying for two appraisals they told me my house wasn’t worth what I owed. I ended up finding this company http://www.proloanmods.com and they got my rate fixed to 5.5% after 30 days. I would recommend any one who has mortgage problems to call them