ABN Amro head plans to step down

ABN is expected to be split up when the takeover is completed

The head of Dutch bank ABN Amro is to step down after a consortium led by Royal Bank of Scotland successfully bid to takeover the company.

Rijkman Groenink will step down as chairman of the board once an extraordinary shareholder meeting takes place at a date yet to be set.

ABN Amro is expected to be broken up following the deal.

The 71bn-euro ($98.5bn; £49bn) acquisition marks the largest banking takeover in Europe.

The battle to buy the firm took many months, following a legal row over the future of ABN's US subsidiary.

Initially ABN had backed an offer by Barclays, but it later withdrew its support to leave Barclays and the RBS-led group on an even playing field.

Barclays withdrew its offer last week, leaving the way clear for the RBS group.