Barclays has dropped its offer to buy ABN Amro—which would have made the combined firms the world’s largest institutional asset manager—because investors failed to support the bid.
Instead, a group comprised of Royal Bank of Scotland, Banco Santander, and Fortis will pay US$101.6 billion ABN and split up the Amsterdam-based financial institution.
Belgium’s Fortis will take ABN’s asset-management and private banking units as well as the Dutch consumer-banking business.
RBS will get ABN’s investment-banking and Asian consumer businesses, while Spain’s Santander plans to take the Latin American operations and expand into Italy.
To read ABN Boards Drop Support for Barclays Bid, click here.
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