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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
1071 DA AMSTERDAM
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