Barclays agrees £45bn Dutch deal
Published April 23rd, 2007
Britain’s Barclays bank has agreed to merge with Dutch bank ABN Amro.
The deal will create one of world’s largest banks, with sales of about £45bn ($90bn; 66bn euros) and its global headquarters in the Netherlands.
The companies said about 12,800 jobs would be cut as a result of the merger, while a further 10,800 jobs would be moved to low-cost locations.
ABN has also agreed to talk to another consortium headed by the Royal Bank of Scotland (RBS) about a rival offer.
Some analysts believe that RBS will offer a higher price for the Dutch bank, paving the way for a bidding war.
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