The Acquisition of ABN AMRO (B)![]() ![]() ![]() ![]() |
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"Almost all their losses are in the subprime markets in America and related to the acquisition of the bank ABN AMRO. And these are irresponsible risks which were taken by a bank with people's money in the United Kingdom." 1 - Gordon Brown, Prime Minister, UK, in reference to RBS, in January 2009. "The acquisition was fine in a bull market, but in a market that was in a rapid downturn, there was a question mark as to whether we could afford it and whether we should afford it. That led to doubts by shareholders which meant we had to be supported by national governments to support our balance sheets." 2 - Rick Denton, Director, Marketing & Business Development, Fortis, Guernsey, UK, in April 2009. "The deal was overpriced, very badly timed and relatively indefensible." 3 - Alex Potter, Collin Stewart4, in October 2008.
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1] Martin Waller and Dearbail Jordan, "RBS Shares Rise Despite Nationalization Threat," http://business.timesonline.co.uk, January 20, 2009.
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