Dutch financial markets regulator AFM Wednesday said it has fined former Dutch-Belgian financial services giant Fortis NV EUR576,000 for downplaying its solvency problems and withholding share price sensitive information following the takeover of ABN Amro in 2007.

The fine concerned the period after Fortis bought ABN Amro for EUR71 billion in a consortium with Banco Santander (STD) and Royal Bank of Scotland PLC (RBS). Following the acquisition, the European Commission ordered Fortis to sell some of ABN Amro's commercial banking activities due to competition concerns.

According to AFM, Fortis downplayed the negative impact of these disposals on its solvability and also withheld share price sensitive information about Deutsche Bank AG's (DB) offer to buy the commercial banking assets.

-By Maarten van Tartwijk, Dow Jones Newswires; +31-20-5715-200; maarten.vantartwijk@dowjones.com
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