Book description
On 9 October 2007, the Royal Bank of Scotland (RBS) celebrated its
leading role in the biggest deal in banking history, a record 71 billion
euros for Dutch bank ABN Amro. Searching for an immediate profit, the
victors dismantled ABN Amro and Hollands number one bank ceased to
exist. Shareholders and management enjoyed the spoils and the
Netherlands lost the bank that had been at the heart of their economy
for 183 years. But the profits were an illusion they simply werent
there. One year later, RBS had been forced into the largest rights issue
in British corporate history, underwritten by the Government. So why was
ABN Amro so toxic? On the basis of more than 120 conversations with the
most important individuals involved, Jeroen Smit reconstructs the
downfall of a Dutch institution a bank whose rotten core was so
disguised by paper profits of billions every year. In little more than a
decade, one of Europes largest, longest established banks went from
powerful predator to the perfect prey. On 9 October 2007, the Royal
Bank of Scotland (RBS) celebrated its leading role in the biggest deal
in banking history, a record 71 billion euros for Dutch bank ABN Amro.
Searching for an immediate profit, the victors dismantled ABN Amro and
Hollands number one bank ceased to exist. Shareholders and management
enjoyed the spoils and the Netherlands lost the bank that had been at
the heart of their economy for 183 years. But the profits were an
illusion they simply werent there. One year later, RBS had been forced
into the largest rights issue in British corporate history, underwritten
by the Government. So why was ABN Amro so toxic? On the basis of more
than 120 conversations with the most important individuals involved,
Jeroen Smit reconstructs the downfall of a Dutch institution a bank
whose rotten core was so disguised by paper profits of billions every
year. In little more than a decade, one of Europes largest, longest
established banks went from powerful predator to the perfect prey.
