 ABN has been boosted by a recovering Dutch economy |
The Netherlands' biggest bank, ABN Amro, has reported a 23% rise in second quarter profit and announced the sale of two of its Bouwfonds property units. ABN said it would sell its Bouwfonds property development and asset management business to Rabobank for 845m euros ($1bn; �578m).
It is also selling its Bouwfonds property financing unit to Dutch banking group SNS REAAL for 840m euros.
ABN net profit in the second quarter was 1.22bn euros, up from 987m euros.
Share buy-back
The Bouwfonds sale does not include its mortgage activities, which have been merged with ABN's mortgage business.
Cash from the Bouwfonds sale will be used for a new 750m euros share buy-back programme.
ABN completed a 600m euro buy-back programme earlier this year.
The bank, which restructured itself last year, is benefiting from the recovering Dutch economy and its continued strength in Brazil.
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