TCI urges ABN AMRO to back RBS group bid proposal

LONDON (Reuters) - British hedge fund TCI said on Wednesday that Dutch bank ABN AMRO AAH.AS should recommend a 72-billion-euro ($98 billion) bid proposal from a consortium led by Royal Bank of Scotland (RBS.L).

"The board of ABN AMRO must allow the RBS consortium full access to conduct due diligence immediately," TCI, which has been a vocal critic of the Dutch bank, said in an emailed statement.

"The board of ABN AMRO must recommend the RBS consortium offer, subject to the diligence condition being met."

Earlier on Wednesday the RBS consortium, which also includes Spain's Santander (SAN.MC) and Dutch-Belgian bank Fortis FOR.BR, proposed a 39 euros a share offer for ABN AMRO in a move aimed at thwarting an agreed takeover of the Dutch bank by Britain's Barclays (BARC.L).