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AEG Active Energy Group Plc

0.055
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Active Energy Group Plc LSE:AEG London Ordinary Share GB00BPG7NS80 ORD GBP0.0035
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.055 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Amsterdam Court Sets DSB Deadline; Potential Buyers Say Clear

15/10/2009 2:01pm

Dow Jones News


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Time is running out for troubled Dutch lender DSB Bank NV, after an Amsterdam court Thursday ordered it to find a buyer by Friday or face being declared bankrupt and as the hopes for a potential acquirer surfacing remained dim.

The court told unlisted DSB Bank, which was placed into administration Monday by the Dutch Central bank after a run on deposits, that it has until 1000 GMT Friday to talk with "major banks" to find a buyer.

If no "realistic chance" for a takeover of the privately owned Dutch savings and mortgage bank can be worked out, DSB will be declared bankrupt, the court said. If a takeover can be worked out, the case will be discussed in a closed court session later Friday, it added.

Two potential buyers, SNS Reaal (SR.AE) and Fortis Bank Netherlands, Thursday reiterated earlier statements that they weren't currently considering a takeover of DSB.

"We discussed and looked into the option seriously last week and decided that it wasn't viable," Fortis spokesman Arien Bikker said. "We have no new information that has changed our view, but of course we are always available to listen to them."

SNS Reaal said it isn't discussing a deal with administrators. "We are not in talks to buy DSB Bank or parts of it," spokeswoman Erna van der Neut said.

Over the past weekend, talks on a rescue operation for DSB between the Dutch Central Bank, the Finance Ministry and five major Dutch banks - ING Groep NV (ING), SNS Reaal, Rabobank, ABN Amro and Fortis Bank Netherlands - failed "owing to uncertainty surrounding possible claims on DSB," the Central Bank said.

The DSB seizure was described by the government as unconnected with the global financial crisis. However, it dealt a further blow to a financial system hit hard by a credit crunch that resulted in the nationalization of former financial giant Fortis and in multi-billion-euro state-aid plans for ING and insurer Aegon NV (AEG).

Rabobank and ING declined to comment. ABM Amro didn't immediately respond to requests for comment.

DSB Bank depositors are currently unable to access their cash. Under the Dutch deposit-guarantee system, accounts of up to EUR100,000 are guaranteed by DNB through a plan funded jointly by the Dutch banks. No time frame was given by the authorities as to when clients might be able to regain access to their deposits.

The Central Bank said DSB clients can open accounts with other banks without going through the usual weeks-long application process.

DSB Bank had reported assets of EUR8 billion.

-By Bart Koster; Dow Jones Newswires; +31 20 571 5201; bart.koster@dowjones.com

 
 

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