The sale is the result of regulatory compliance following Fortis's acquisition in April 2008 of the asset management business of ABN Amro Group, and is subject to approval by the China Securities Regulatory Commission and relevant government authorities.

According to Old Mutual, this partnership establishes its presence in the Chinese asset management market and lays the foundations for Old Mutual group's further expansion in Asia. The company's existing retail and institutional clients and partners are expected to continue to benefit from the joint venture's growing expertise.

The transaction will not have a material impact on the Fortis net profit per share and is expected to provide solvency relief of approximately half of the cash consideration.

Lex Kloosterman, member of the executive committee and responsible for asset management at Fortis, said: "Due to regulatory requirements of the PRC, we had to sell one of two very successful companies, namely Fortis Haitong or ABN Amro TEDA Fund Management. TEDA supported the choice for Old Mutual as a buyer for AATEDA and Old Mutual is committed to further developing the company, hand in hand with TEDA."

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"I am delighted to have these talented individuals join our team and provide additional depth to our thriving Global Rates, Currencies and Commodities (GRCC) platform," said Gerhard Seebacher, head of GRCC. "The expertise and leadership skills they bring to Bank of America will help ensure the continued growth and success of our franchise, which has already experienced tremendous growth despite the challenging market environment."

Glenn Edelson brings to Bank of America 12 years of expertise in Emerging Markets. Based in New York, he is responsible for building out the Emerging Markets Sales business. He most recently was Global Head of Emerging Markets Sales with Bear Stearns & Co and previously managed Goldman Sachs' New York emerging markets team. He holds a bachelor's degree in history from Cornell University and an MBA from Yale University.

Peter Hart joined Bank of America to provide senior coverage for UK corporate clients after a 24-year career with ABN Amro Bank, most recently as Director of Corporate Sales. Based in London, Hart brings a proven track record in marketing FX and interest rate derivatives to large and mid-cap UK and European corporate clients and financial institutions.

Joel Holmes joined the New York Spot Trading Desk to trade G-10 currencies after an 18-year career in FX with firms including Deutsche Bank, Merrill Lynch and Citigroup. Most recently, he spent four years as Chief Foreign Exchange Dealer at Lehman Brothers. He holds a bachelor's degree in economics from Kenyon College.

Vanessa Holtz-Clouard brings more than 12 years of experience to Bank of America as Head of London Options Trading. Holtz-Clouard joined from ABN Amro, where she was Head of London FX Options. She has also held senior FX options roles at firms including Barclays Capital and JP Morgan. Holtz-Clouard holds a bachelor's degree in economics and a master's degree in finance from University Pantheon Sorbonne, as well as a post graduate degree in economics and finance from Essec Graduate Business School of Paris.

Daniel Sigler joined the Emerging Markets team in New York with more than eight years of Emerging Markets trading experience and is charged with trading the South African Rand, Turkish Lira, Argentine Peso, Colombian Peso and Peruvian Sol. Most recently he was Head of Local Markets FX Trading at Bear Stearns. Sigler holds a bachelor's degree in economics and business management from Gettysburg College.

Simon Williams joined the Real Money Sales team in London to provide senior coverage to UK and continental European asset managers. He brings more than 20 years of FX, trading and institutional investor sales experience, most recently at Bear Stearns as a Managing Director in FX sales. Williams has also worked in a similar capacity at Calyon Financial and UBS.

About Bank of America

Bank of America (NYSE: BAC) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial products and services. The company's Global Corporate and Investment Banking group (GCIB) focuses on companies with annual revenues of more than $2.5 million; middle-market and large corporations; institutional investors; financial institutions; and government entities. GCIB provides innovative services in M&A, equity and debt capital raising, lending, trading, risk management, treasury management and research. Bank of America serves clients in 150 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Many of the bank's services to corporate and institutional clients are provided through its U.S. and UK subsidiaries, Banc of America Securities LLC and Banc of America Securities Limited. For additional information, visit http://www.bankofamerica.com .

SOURCE Bank of America

http://www.bankofamerica.com

The Commonwealth Bank of Australia (CBA) has also entered into a period of exclusivity around negotiations and due diligence with Royal Bank of Scotland (RBS). Any final agreements would require board approval and all necessary competition and regulatory approvals.

CBA believes that the Australian and New Zealand businesses of ABN Amro will complement its institutional banking and markets business and will enhance the range of services that the bank offers in the financial markets areas.

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* "Any potential transaction would be subject to due diligence and, ultimately, the receipt of all relevant regulatory approvals," it said.