The RBS group wants to break up the lender into three parts, so that Belgian-Dutch bank Fortis would get ABN's Dutch operations, Spanish bank Banco Santander Central Hispano SA, acquires ABN's Brazilian and Italian arms, and RBS getting Chicago-based LaSalle.
The RBS group wants to break up the lender into three parts, so that Belgian-Dutch bank Fortis would get ABN's Dutch operations, Spanish bank Banco Santander Central Hispano SA (nyse: STD - news - people ), acquires ABN's Brazilian and Italian arms, and RBS getting Chicago-based LaSalle.
As before, BNP will take a 75% stake in Fortis's Belgian bank, but instead of swallowing all of its Belgian insurance arm as well, it will take only 10% of that business.
At the time, other big cross-border banks, such as Fortis, a Benelux bank, and Dexia, a Belgo-Dutch bank, were in deep trouble, and there were growing concerns among European officials that a country could be overwhelmed if it was home to a big international bank that failed.
Fortis, a Belgo-Dutch bank overstretched by its role in acquiring ABN AMRO, is now part-owned by the Benelux governments.
Financial institutions: BBVA Bank, BMO, BNLPOSitivity, BNL Italy, BNP Paribas Fortis Belgium, Banco Sabadell, Banco Santander, Banca Sella, Citi, Commonwealth Bank, Deutsche Bank Italy, EMS, EnterCard, EURO 6000, European Merchant Services, Fifth Third Bank, Handelsbanken, International Card Services Netherlands, Intesa Sanpaolo, Lake Trust Credit Union, ME Bank, NAB, SEB Kort, SIA, Swedbank, TMG Financial Services, UniCredit and Westpac.
That is far less likely for an institution such as Fortis, a large Belgo-Dutch bank which saw its shares plunge this week.
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Some had taken decisive action overnight: Belgium nationalized the Belgian assets of banking and insurance provider Fortis on Sunday, before selling a majority stake to French bank BNP Paribas, while Germany said it would guarantee all private deposits in the country.
Luxembourg will retain 33% of Fortis' local subsidiary and take 1.4% of the French bank.
The RBS consortium is in contrast planning to break ABN into three equal parts, giving RBS LaSalle Bank, the Asian operations and corporate banking, Santander the Brazilian and Italian units, and Fortis the operations in Belgium, Luxembourg and the Netherlands.
The Dutch then nationalised their bits of the bank and the Belgians (and Luxembourgeois) agreed to sell France's BNP Paribas the businesses that Fortis had on their soil.
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