Fortis struggling to sell ABN units: report
AMSTERDAM (Reuters) - Belgian-Dutch financial services group Fortis (FOR.BR) is having trouble selling parts of the ABN AMRO business it acquired last year to comply with antitrust concerns, a Dutch newspaper reported on Saturday.
Deutsche Bank (DBKGn.DE) is the only party interested in buying ABN's Dutch commercial advisory and corporate client units but has placed "ridiculous conditions", Dutch daily Telegraaf reported.
Fortis acquired ABN's Dutch operations, private banking and asset managements businesses after buying the Netherlands' biggest bank in a consortium with Royal Bank of Scotland (RBS.L) and Santander (SAN.MC) last year for 70 billion euros ($107 billion).
Fortis agreed to dispose of parts of ABN's business to comply with antitrust concerns with the European Commission.
BNP Paribas (BNPP.PA) and Deutsche Bank have been cited as potential buyers for part or all of the businesses.
The Telegraaf, citing an unnamed source, reported that Fortis may not be able to meet its own July 1 deadline for the sale and may face financing pressures later this year.
Fortis shares have fallen over 10 percent in the past week as traders cited concerns over its funding and a downgrade from Merrill Lynch. On Friday, Fortis shares closed at 13.79 euros.
Like other European banks, Fortis needs more capital to shore up finances damaged by the credit crisis. It also needs funding for its acquisition of ABN AMRO's Dutch businesses as it integrates with its former Dutch rival through this year and next.
(Reporting by Reed Stevenson; editing by Michael Roddy)
