RBS takeover of ABN Amro could encourage British investors to come to RomaniaPublish date: 18-06-2008
The 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.
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