RBS takeover of ABN Amro could encourage British investors to come to Romania
Publish date: 18-06-2008The takeover by Royal Bank of Scotland (RBS) one of the most important financial institutions in the UK, of the bank ABN AMRO may encourage other British companies to invest in Romania, the Honorary President of the British-Romanian Chamber of Commerce (BRCC), Lord Lamont of Lerwick, said yesterday. 'Banking is one sector that has seen no British investments in Romania. Now, the takeover by Royal Bank of Scotland, one of the most important British banks, of Dutch Bank ABN AMRO (operating on the Romanian market as well) may draw other British investors too,' Lerwick told the opening conference of the "British Days in Romania", an event organized by the British-Romanian Chamber of Commerce on its ten-year anniversary.
In October 2007, an RBS-led consortium including Belgium's Fortis banks and Santander of Spain struck an agreement on a takeover of the bank ABN AMRO, offering a cash amount of EUR 35.6/share and 0.296 new RBS stock/apiece. The offer came to EUR 72 bln.
According to Brian Davies, the Chairman of the BRCC, it is rather unlikely for other British banks to crack the Romanian market, given financial institutions focus their expansion on India and China, and the Romanian banking sector is developed and dominated by Austrian and French banks.
CCBR officials also said the fiscal field needs to be stable and predictable since arbitrary and unexpected taxes create a feeling of uncertainty among investors.
The British business people have also called for a tax system that is both uniformly implemented and simplified.
Nine o'Clock
Latest News:
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei