Risk.net

Fortis EUR14bn losses from ABN integration

Benelux bank Fortis today revealed a net loss of EUR14.1 billion for the first nine months of 2008, due mainly to its acquisition of parts of ABN Amro. The bank's revelation comes just days after the RBS announced expected writedowns and losses of £28 billion for 2008, primarily as a result of its part in the ABN Amro deal. Fortis lost EUR12.5 billion on its purchase of ABN Amro, due to a EUR9 billion impairment on the banks' Dutch business, Fortis Bank Nederland Holding, which included the acqu

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