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Burma is Obstacle for Dutch Banks

Burma is obstacle for Dutch banks by offer on US-bank

Sourc: Trouw, (Daily newspaper) Amsterdam, 19 oktober - The Dutch financial 
firms  ING and ABN Amro are being named in the American press as the most 
probable candidates for a possible takeover of the BankBoston, the largest 
bank in the state Massachusetts.

The hindrance for such a takeover is however the fact that ING and ABN Amro 
are doing business in Burma, the country in Southeast Asia governed by a 
military dictatorship. Massachusetts has just adapted a law which prohibits 
this state from buying products or services from firms which have a 
relationship with Burma.

This is reported by the Burma Centrum Nederland. According to this 
action committee, a possible takeover of BankBoston by ING or ABN Amro would
have as result that these companies would have to close their offices in Burma, 
or that the state Massachusetts would have to cancel all her contacts with 

A spokesperson of ABN Amro in Amsterdam yesterday did not wanted to react on 
the 'rumour' about the interest of this bank for BankBoston.  He did however 
confirmed that his bankfirm has an office in Burma. In the United States ABN 
Amro already has extensive bankfirms in Chicago and New York.

ING also refuses to comment on the supposed interest  for BankBoston.  It is 
however  unlikely that ING could takeover a bank in the US, because 
according to the strict American anti-trustlaws this is incompatible with 
the extensive insurance interest which ING already has in the US. The 
spokesperson of the ING contradicts that his firm has a presence in Burma. 
He confirmed that the bank has received a banklicense for Burma. "But we 
have not used this yet." Heineken and other western firms earlier this year 
felt obliged to pull out of Burma.
BCN is onafhankelijke stichting. Doel: Nederlandse samenleving informeren 
over Burma. Het initieert en co-ordineert aktiviteiten die democratisering 
en duurzame ontwikkeling bevorderen. Het geeft een positieve bijdrage aan 
een constructieve dialoog tussen de diverse groeperingen.

Paulus Potterstraat 20
(31)20-6716952 (tel)
(31)20-6713513 (fax)

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