DB acquires of parts of ABN Amro

Deutsche Bank (DB) has acquired parts of ABN Amro’s commercial banking activities in the Netherlands for €700mn (US$939.2mn), paid in cash.

The deal, which establishes DB as the fourth-largest commercial banking services provider in the country, immediately follows approval from the European Commission and other regulatory bodies.

As well as using the DB brand name, the acquired businesses will become part of the firm’s global transaction banking (GTB) business, including: IFN Finance, the Dutch section of ABN Amro’s factoring unit, over a dozen commercial branches that serve small and medium sized enterprises, two corporate client units in Amsterdam and Eindhoven and the Rotterdam-based Hallandsche bank Unie NV.

Leonhard Degle, DB’s chief country officer in the Netherlands, comments: “Deutsche Bank has been active in the Netherlands for almost a century, and our long-term commitment to the country is underscored with these acquisitions. With our enhanced presence, we have an expanded platform to serve the financial needs and support the growth of the businesses locally.”

DB Netherland’s chief executive officer, Gerard Zwartkruis, adds: “Over time, we will be offering Deutsche Bank’s range of products and services to a larger customer base, this is good news for clients.”