European consolidation difficult says ABN Amro

ABN Amro said on 2 August 2004 it did not see the acquisition by Santander Central Hispano, Spain's largest bank, of Abbey National, of the UK, as heralding a wave of copycat cross-border deals. The Dutch bank, which has in the past flirted with Barclays, of the UK, is often mentioned as a candidate to lead consolidation in Italy. However, citing high regulatory and cultural obstacles and "very limited preparedness to yield power" by banking authorities, Tom de Swaan, ABN Amro chief financial officer, said: "We still see cross-border deals in continental Europe as very difficult".