The EU Commission have extended the deadline for the Dutch Ministry of Finance to find a buyer for ABN Amro and Fortis’ assets, the associated press have reported. Assets up for sale include the ABN Amro owned factoring firm IFN Finance, along with Fortis’ Hollandsche Bank Unie NV, two corporate client departments and 13 financial advice agencies. The original 19th October deadline for a preliminary agreement has been extended until later today, thanks to “encouraging developments” in the sale process. The Netherlands government must sell off certain assets from both banks before it merges the two, to comply with EU regulations on fair trade competition. The Netherlands government acquired ABN Amro, including IFN Finance, when it bought Fortis bank for €16.8 billion in 2008, in order to avert the bank’s collapse.
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