11 February 2010

Freshfields advises ABN AMRO Bank on demerger

International law firm Freshfields Bruckhaus Deringer has advised the Dutch State acquired part of ABN AMRO Bank on its demerger to form a new independent bank.

The part of ABN AMRO Bank indirectly acquired by the Dutch State in October 2008 has been demerged to a new bank with shares in the new entity soon to be transferred to the Dutch State. As a result the former ABN AMRO Bank now exists as two separate banks within the group – the Royal Bank of Scotland N.V and new entity ABN AMRO Bank N.V. Each are licensed separately by the Dutch Central Bank.

Led by Amsterdam corporate partner Dirk-Jan Smit, the Freshfields team comprised corporate partners Jan Willem van der Staay and Steven Perrick, senior associates Michael Broeders (corporate) and Menno Verboom (corporate), and associate Wieke van Angeren (commercial / IP). 

Commenting on the transaction, Dirk-Jan Smit said: "This is the first time in Dutch history that a bank of this size with millions of worldwide customers and branches has been split. We are very pleased to have helped ABN AMRO with this significant and very complex transaction, it is a major step in the creation of a new independent ABN AMRO bank."

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