ABN Amro Bank, a Russian subsidiary of Dutch lending institution ABN Amro, was renamed in Royal Bank of Scotland. This information was disclosed on the official website of the Bank of Russia. On June 20, 2008 CBR issued a new license to the bank due to the renaming procedure.
ABN Amro’s subsidiary has done business in Russia since 1993. Royal Bank of Scotland (RBS), the UK second largest lender, picked up Dutch lending institution ABN Amro in partnership with Spain’s Banco Santander SA and Belgian-Dutch bank Fortis for €72 bln ($114 bln) about a year ago. RBS already announced the entry into the Russian market where it will launch operations via ABN Amro Bank. In the near future RBS is going to abandon the ABN Amro brand not only in Russia, but also in 24 other European countries.
