On 27 May 2011 ABN AMRO Bank N.
V. (ABN AMRO) announced an exchange and cash tender offer (Tender offer) for outstanding USD 250 million 7¾% Subordinated Deposit Notes,Series B, due 2023 of RBS N.
V., and New York department (previously known as “ABN AMRO Bank N.V.,New York department”) (the Existing Notes) into new 7.75% Fixed Rate Subordinated Notes due 2023. Although economically allocated to ABN AMRO, these Existing Notes remained a legal obligation of RBS N.
V (RBS) as these Existing Notes were not legally transferred to ABN AMRO as part of the legal demerger in February of 2010.
Source: abnamro.com