ABN Amro’s chief financial officer Hugh Scott-Barrett announced his resignation on Thursday in the midst of the titanic takeover battle for the Dutch lender. Mr Scott-Barrett’s decision to leave the bank on August 1 was taken despite there being no certainty as to the fate of ABN. It has agreed a merger with Barclays, of the UK, but is being pursued by a trio of European banks led by Royal Bank of Scotland. The UK-born banker, the most senior non-Dutchman at ABN, said the move was “a logical step” given that he had declined the offer of a job with the bank that would be created by the combination of ABN and Barclays. The board of the new entity would be dominated by Barclays nominees. However, his decision may prove premature, given the uncertainty over the Barclays deal. Much depends on the outcome of an ABN shareholder vote, expected next month, on ABN’s proposed $21bn sale of its US subsidiary LaSalle to Bank of America.

This entry was posted by Gwen Robinson on Friday, May 11th, 2007 at 5:47 and is filed under Capital markets, M&A, People. Tagged with abn amro. Edit this entry.