Timescale for the integration of Fortis Bank Nederland and ABN AMRO
Fortis Bank Nederland and ABN AMRO merged to form one bank on 1 July. All departments of both banks will be integrated in phases between now and the end of 2012.
The first operations to be integrated will be Fortis Bank Nederland and ABN AMRO’s retail services and some of the activities for small and medium-sized businesses. Both are scheduled to reach completion at the end of 2010. Private Banking and the other commercial departments are set to follow suit in 2011 and 2012
We will of course do everything in our power to make the transition as smooth as possible for our clients. Any changes in our services, relationship managers or contact information will be communicated to you well in advance.
What exactly does this ‘legal merger’ entail for me as a customer?
Under the legal merger, all rights and obligations of Fortis Bank Nederland has been legally transferred to ABN AMRO. On the merger date, Fortis Bank Nederland ceases to exist. This means that all agreements between you and Fortis Bank Nederland has been transferred to ABN AMRO on 1 July; as from that date, ABN AMRO is the party to your agreement with the bank.
All invoices, contracts, transactions, arrangements and agreements from/with our clients, partners and suppliers will remain in full force and will continue to be observed in compliance with all applicable conditions and legal requirements.
What will change for me as a customer of ABN AMRO or Fortis Bank Nederland?
The legal merger of ABN AMRO Bank N.V. and Fortis Bank (Nederland) N.V. will have no implications for your day-to-day banking business in the short term. You will keep your account number and your current relationship manager. What will change is the name ‘Fortis Bank Nederland’. The Fortis Bank Nederland brand name will disappear this year and be replaced by ABN AMRO.
The merger of our two banks will increase the number of products and services we offer, and our national and international branch network will expand to over 500 branches in the Netherlands and 27 locations worldwide.
Will my banking products and rates change?
For the time being, the products and rates you agreed with the bank that is the current party to your agreement will not change. However, the names of products and services containing the word ‘Fortis’ will change.
In the period ahead, we will review all products, services and conditions and will subsequently introduce an unequivocal offering. We will, of course, inform you in case of any changes to the service we provide to your company.
Will my interest rates change?
The Fortis Bank Nederland Base Rate and ABN AMRO Euro Base Rate are the same. On 1 July, the name FBNBR has changed to AAEBR. Changes in interest rates are published in the national dailies.
What are the consequences of the legal merger for the deposit guarantee scheme?
Under the legal merger, ABN AMRO and Fortis Bank Nederland have been brought together into one bank with one banking licence. As from the merger date, customers with deposits and savings at both banks are entitled only once to the maximum compensation of EUR 100,000 per person for their total deposits with both banks, i.e. regardless of the number of accounts the person holds with the bank. Details of the scheme are available on the website of De Nederlandsche Bank.
Until recently, I banked with Fortis Bank Nederland. How will the merger affect me?
If you used to bank with Fortis Bank Nederland, you will now receive your trusted products and services under the name ABN AMRO. You will keep your account number and your current relationship manager. Should anything change, we will inform you.
You do not need to change the name of the bank on your letterhead and other stationery just yet, as your account number will remain unchanged. So feel free to use up your stock. We do advise you to change the name of Fortis Bank Nederland to ABN AMRO when you order new letterhead.
More information?
If you would like more information on your banking business, please get in touch with your contact at the bank or call our customer contact centre on phone number 0900 00 24.