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RBS Makes 'Good Progress' in ABN Amro Bid Process

The RBS Consortium consisting of Fortis, Royal Bank of Scotland and Banco Santander in an update said that it is making good progress on its ABN Amro takeover bid process. The consortium is "making good progress" with requesting permissions from various market regulators and filings at market competition agencies.

The banks expect to file initial drafts of all its bid documents with the US Securities and Exchange Commission, the Dutch AFM and the British U.K. Listing Authority (UKLA), after which the bid documents will be published in mid-July.

Fortis, RBS and Banco Santander said they will organise EGMs for their shareholders in the first half of August to let their shareholders decide on the banks' plans for the ABN Amro takeover.

The RBS consortium in a statement reiterated that it is "convinced" of the "superior value" of its bid on ABN Amro.