April 8, 2014 / 8:32 AM / in 4 years

ABN AMRO loses appeal to ease terms of acquisitions ban

The head office of ABN AMRO bank is seen in Amsterdam May 29, 2007. REUTERS/Koen van Weel

LONDON (Reuters) - State-owned ABN AMRO has lost an appeal at a top European court to ease the terms of a ban on acquisitions that was imposed on the Dutch bank as a condition of its 2008 bailout.

The Luxembourg-based General Court of the European Union said on Tuesday the appeal by ABN AMRO against the terms of the ban was being dismissed in its entirety.

ABN AMRO had argued that the ban - which could prevent material acquisitions until 2016 - was “excessively wide.”

“We are of course disappointed that the ruling of the court is not in our favor,” said a spokesman for the bank, which is hoping to rejoin the stock market next year when the Dutch state is likely to begin selling shares.

“We haven’t seen the full verdict yet, so we will study the verdict closer in the coming days ... to see on which grounds the court decided to leave the acquisition ban in place.”

Reporting By Laura Noonan. Editing by Jane Merriman

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