Business News
Dutch DSB Bank denies it is on brink of bankruptcy
Oct 12, 2009, 8:32 GMT
Amsterdam - The Netherlands' DSB Bank on Monday denied reports that it is on the brink of bankruptcy and that it has come under the control of the Dutch Central Bank DNB.
Finance Minister Wouter Bos and top officials from DSB and the central bank met in Amsterdam on Sunday night, to discuss the bank's future.
The daily Volkskrant reported Monday that a court had the bank had been placed under the control of the central bank after talks on a possible takeover between DSB and other banks at the weekend failed.
DSB spokesman Klaas Wilting denied the report.
With a balance of some 8 billion euros (11.9 billion dollars), DSB is a relatively small bank in the Netherlands. The bank has been the subject of an investigation by the financial markets watchdog AFM for several months.
Extremely aggressive marketing resulted in its rapid expansion in recent years, offering high interest on savings and sub- prime mortgages that were usually combined with complicated and risky financial products.
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