 ABN has not ruled out further Italian acquisitions |
The Netherlands' biggest bank, ABN Amro, has completed its integration of Antonveneta at a price of 139m euros ($184.8m; �93m) in restructuring costs. It bought Antonveneta last year in a deal valued at more than 8bn euros after a long-running takeover battle.
ABN now expects its purchase of the Italian bank to create a profit of about 500m euros in 2007.
The Dutch bank, which owns 8.6% of another Italian bank, Capitalia, has not ruled out further buys in Italy.
"We do not exclude bolt on acquisitions in Italy," said Huibert Boumeester, ABN's managing board member responsible for Italy and ABN's mergers and acquisitions deals.
However, the Amsterdam-based lender said that its main focus remained organic growth
The cost of integrating Antonveneta has disappointed some analysts and investors, but ABN says it hopes to save money from 2008 through the integration of activities such as risk management, information technology and real estate.
"We will continue to place an emphasis on maintaining a high level of efficiency at Antonveneta," ABN said in a statement.
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