FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16 of
the
Securities Exchange Act of 1934
For
November 20, 2009
Commission
File Number: 001-14624
ABN
AMRO HOLDING N.V.
Gustav
Mahlerlaan 10
1082 PP
Amsterdam
The
Netherlands
________________________________________________
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Form
20-F X
Form 40-F
_____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes _____ No X
If “Yes”
is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82- _____
TABLE
OF CONTENTS
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Item
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1
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Press
release “Update on EC Remedy – Heads of Agreement with Deutsche Bank”,
dated 19 November 2009
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Item 1
Press
Release
Amsterdam, 19 November 2009
Update on EC Remedy
Heads of Agreement with Deutsche
Bank
As announced on 20 October 2009, the
Dutch State and Deutsche Bank have entered into a “Heads of Agreement” outlining
the principal terms and conditions for the sale to Deutsche Bank AG of the new
HBU II N.V. consisting of part of the Dutch commercial clients’ activities and
selected regional branch offices and IFN Nederland B.V. to comply with the
European Commission’s requirements for competition and to thus enable the
integration of the new ABN AMRO Bank and Fortis Bank Nederland.
ABN AMRO have now prepared a preliminary
analysis of the impact of the transaction on the results and the regulatory
capital of the Group, on the basis of which the Ministry of Finance is informing
the Parliament on the implications of the transaction. ABN AMRO
assesses that the loss on the transaction will be in the range of EUR 800 to EUR
900 million. The total loss on the transaction includes the impact of a
provision to be taken for a credit guarantee to the buyer guaranteeing 75% of
the credit losses on the transferred loan portfolio of HBU II under the “Heads
of Agreement”. ABN AMRO expects that in the 4th quarter of 2009, after the Group’s
Managing Board and the Supervisory Board approval of the transaction and the
execution of the transaction becoming highly probable, the majority of the
losses on the transaction will have to be recorded. The remainder will be
recorded up to the closing of the transaction, expected soon after separation of
the new ABN AMRO Bank N.V. from the existing ABN AMRO Group.
ABN AMRO Group estimates the cumulative
net impact on its tier 1 capital on recognition of the loss
on transaction to be in the range of 50-55 basis points on ABN AMRO
Group ratios. This reflects the loss on sale and the initial capital requirement
for the credit guarantee provided to the purchaser. The capital requirement for
the credit guarantee will after closing of the transaction decrease over its
life, with only a minor part remaining after the first five
years.
ABN AMRO Group is in discussion with the
Dutch State on the capitalization of the
Dutch State acquired businesses up to separation
and these discussions include the impact of this transaction. The resulting
capital actions will ensure that by legal demerger and by legal separation, the
capital requirements of the Dutch State acquired businesses are adequately
addressed.
Further information
on ABN AMRO Group is available on www.abnamro.com
For
further information, please contact
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ABN
AMRO Group Press Office
pressrelations@nl.abnamro.com
+31 20
6288900
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RBS
Group Investor Relations
Investor.relations@rbs.com
+44 207 672
1758
RBS
Group Media Relations
+44 131 523
4414
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Certain statements in this press
release are statements of future
expectations and other forward-looking statements. Such statements are based on
current expectations, and by their nature are subject to a number of risks
and uncertainties that could cause actual results and performance to
differ materially from any expected future results or performance,
expressed or implied, by these statements. Factors that could cause actual results to differ
materially from those estimated by the forward looking statements
contained in this document include, but are not limited to i)
the extent and nature
of future developments and continued volatility in the credit markets and
their impact on the financial industry in general and ABN AMRO in particular,
ii) the effect on ABN
AMRO’s capital of write downs in respect of credit exposures,
iii) risks related to
ABN AMRO’s transition and separation process following its acquisition by
the consortium consisting of The Royal Bank of Scotland Group plc (‘RBS’),
the State of the Netherlands (‘Dutch State’) and Banco Santander S.A.
(‘Santander’), iv)
general economic
conditions in the Netherlands and in other countries in which ABN AMRO has
significant business activities or investments, e.g. the United Kingdom
and the United States, including the impact of recessionary economic
conditions on ABN AMRO's revenues, liquidity and balance sheet, v)
the actions taken by
governments and their agencies to support individual banks and the banking system,
vi) the monetary and
interest rate policies of the European Central Bank, the Board of
Governors of the Federal Reserve System and other G-7 central banks,
vii) inflation or deflation, viii) unanticipated turbulence in
interest rates, foreign currency exchange rates, capital markets,
commodity prices and
equity prices, ix) changes in Dutch and
foreign laws,
regulations and taxes, x) changes in competition and pricing environments,
xi) natural and other disasters, xii) the inability to hedge certain risks economically,
xiii) the adequacy of loss reserves, xiv) technological changes, xv)
changes in
consumer spending and
saving habits and
xvi) the success of ABN AMRO in managing the risks relating to the
foregoing.
The forward-looking statements
made in this press release speak only as at the date of publication of
this press release. ABN AMRO does not intend to publicly update or revise
these forward-looking statements to reflect events or circumstances after
the date of this report, nor does ABN AMRO assume any responsibility to do
so.
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Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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ABN
AMRO HOLDING N.V.
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Date:
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20
November 2009
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By:
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/s/
Petri Hofsté
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Name:
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Petri
Hofsté
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Title:
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Group
Controller & Deputy Chief Financial Officer
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By:
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/s/
Mark Boyle
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Name:
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Mark
Boyle
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Title:
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Head
of Reporting & Policy
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