Moody's: Fortis unaffected

Moody's Investors Service said it is taking no immediate rating action following the announcement by Fortis group (Aa2/P-1/B-), the Royal Bank of Scotland Group and Banco Santander that they have approached ABN Amro Bank NV (Aa2/P-1/B-) regarding a potential acquisition of the bank.

At this stage, details of any proposed deal are still to be decided. The agency noted that the proposal follows a similar move by Barclays Bank plc in March. ABN Amro and Barclays are currently in a period of exclusive negotiations, which ends on April 18.

The agency noted the complexity of a proposed transaction between ABN Amro, Fortis, Royal Bank of Scotland and Banco Santander in terms of shareholder and regulatory approvals and execution, among others. In addition, Moody's said the financial implications of any transaction would need close examination, including the implications for the capital adequacy ratios of the acquiring banks, as well as the implications, if any, for the quality of their capital base.

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