The Dutch Lower House has agreed to the sale of HBU, a subsidiary of the ABN Amro bank, to the Deutsche Bank.

European Competition Commissioner Neelie Kroes has made the Dutch government sell HBU as a condition for approving the merger of ABN Amro and Fortis.

Christian Democrat MP Frans de Nerée said the decision by the coalition party’s parliamentary faction not to block the move “left a bad taste in their mouths”. The party only voted in favour of the sale so that employees would not be left in suspense and so that the bank’s operations would not come to a standstill.

Photo: ABN Amro bank - Flickr/Canadian Pacific