(Updates with company confirmation)
BRUSSELS (Thomson Financial) - Dutch Central Bank DNB has approved the ABN
Amro merger transition plan put forward in December by the by the Royal Bank of
Scotland, Fortis and Banco Santander after the consortium took over the Dutch
bank, Fortis said.
"Fortis has received verbal approval from the bank", a spokeswoman
confirmed, adding that the bancassurer expects to receive written approval by
Thursday.
At the end of January, Fortis received approval from the Dutch Central Bank
to go ahead with the demerger of ABN Amro NV's asset management arm, and said it
sees the process being completed by the end of the first quarter.
Separately, Fortis Investments' chief executive Richard Wohanka said the
group will shed 500 out of 2,600 jobs as of the second quarter.
antonia.vandevelde@thomson.com
ava/lam/ava/rfw
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