FRANKFURT (Thomson Financial) - ABN Amro is withdrawing from the German
mortgage market, Handelsblatt reported, citing Walter Capellmann, managing
director of the German branch of ABN-Amro Hypotheken-Gruppe (AAHG).
As of April 22, AAHG will stop offering new mortgage loans to German clients
because refinancing them has become too expensive, he said.
"We never imagined that the crisis would affect a big market participant
like us which does not securitise its loans," Capellmann said.
He added that the bank has not been able to pass on the higher refinancing
charge to clients in the past months.
Capellmann said AAHG, which is to become part of the Fortis group, will
continue offering mortgages in the Netherlands.
AAHG has a loan portfolio of about 85 billion euros in the Netherlands and
about 850 million euros in Germany, the report said.
judith.csaba@thomson.com
jcs/jrr
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