The businesses of ABN Amro acquired by the Dutch State were legally demerged from the RBS acquired businesses on 6 February 2010.
There are now two separate banks within ABN Amro Holding, The Royal Bank of Scotland (RBS) and the new entity named ABN Amro Bank, each licensed separately by the Dutch Central Bank.
Both banks will be governed by the current managing and supervisory boards of ABN Amro Holding until the legal separation of the new ABN Amro Bank from ABN Amro Holding.
The legal separation involves the transfer of the new ABN Amro Bank to a holding company that has been established by the Dutch State. The transfer is expected to take place within two months of the legal demerger and is subject to approval by the Dutch Central Bank.
The new ABN Amro Bank will then become an independent bank with new managing and supervisory boards, operating under Dutch Central Bank supervision and unrelated to the RBS Group.
At legal separation, new managing and supervisory boards will be appointed for RBS which will operate under Dutch Central Bank supervision.
Gerrit Zalm, chairman of ABN Amro, said: “I am delighted to announce that we have reached a significant milestone in the separation process. This has led us a step closer to the creation of two independent banks, the ABN Amro Bank and The Royal Bank of Scotland. This would not have been achieved without the tremendous contribution of people from both organisations.”