Page 21 - RBS – ABN takeover

sphere than Barclays. Sir Fred believed that the combination of RBS’s and ABN

AMRO’s overlapping and complementary businesses would create the

opportunity for significant cost savings and revenue benefits. He believed that it

would deliver cost savings amounting to €2,009 million, or 27% of the costs

associated with the ABN AMRO businesses, and net revenue benefits amounting

to €853 million, or 9% of the income associated with the ABN AMRO Businesses,

in the third year after completion of the transaction (Source: www.RBS.com). The

total cost of delivering the transaction benefits was expected to be €4.0 billion

(including RBS’s share of central integration costs).

The End Point

th
It was announced on Wednesday 11 October that Mark Fisher from RBS would
replace Rijkman Groenink, who would step down on November 1. Groenink

subsequently sold his shares and options in ABN to the consortium for £13.8

million.

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Banco Santander: 3 Quarter results 25/10/07 Press Release