The finance director of ABN Amro has quit early, at a crucial point in the takeover battle between Barclays and a Royal Bank of Scotland-led consortium for the Dutch group.

Hugh Scott-Barrett, the chief financial officer of ABN since last year, said yesterday that he would leave on August 1 after deciding not to take the job he was offered in a combined group with Barclays.

ABN two weeks ago rejected a €72 billion (£49 billion) rival offer for the entire group by the RBS consortium. Mr ScottBarrett had been expected to leave once the agreed €67 billion friendly takeover of ABN by Barclays was complete. It is understood Mr ScottBarrett was not offered the job of finance director of the merged ABN and Barclays, or an alternative board-level position.

There was speculation yesterday that he had been more keen than his fellow board members to engage with the RBS consortium. However, insiders said that the finance director had voted with the board on all occasions and that there had been no split.

Analysts said it was obvious Mr ScottBarrett was being sidelined in the merger with Barclays. “It was clear he was getting bypassed.”

Mr ScottBarrett said yesterday: “Given the expected change in ownership of ABN Amro this is an opportune moment for me to look at my future.” The 49-year-old does not have another job lined up.

Rijkman Groenink, ABN’s chief executive whose own position is under threat from rebel shareholders, said that ABN’s boards “have regretfully accepted Hugh’s decision to resign”.

Cor Kluis, analyst for Rabobank, said: “The longer the process takes, more good people will leave. The value of the standalone ABN franchise is deteriorating due to this.”

Mr ScottBarrett’s move is a blow for ABN, since it is far from certain that Barclays will succeed in buying the Dutch group. ABN was told yesterday that the Dutch Supreme Court would more quickly in deciding whether a lower court could freeze ABN Amro’s $21 billion (£10.54 billion) sale of LaSalle, its Chicago-based banking business, to Bank of America.

The Supreme Court said that it would treat the issue as an “emergency matter”, with a decision likely to be made in three to four months rather than the usual 18 months.

The sale had been key to the rest of the group’s white-knight merger with Barclays. Stitching up the deal was expected to be a poison pill to a rival offer from the RBS consortium. RBS was known to covet LaSalle to strengthen its own American operations.

Last week, shareholders succeeded in convincing a lower Dutch court to halt the sale of LaSalle to Bank of America until the issue could be voted on by investors. ABN had appealed against that court’s decision.

RBS has put in a $24.5 billion rival offer for LaSalle, which ABN rejected because of concerns over the financing of the deal. RBS’s offer for the US bank was dependent on the consortium being able to purchase the rest of the group.

If the sale to Bank of America does not go ahead, ABN faces a $200 million break fee. The fiercely acquisitive US bank has already made clear that it will take legal action to force the deal through.

Going Dutch

Mar 20 Barclays and ABN reveal merger plan
Apr 13 RBS, Santander and Fortis reveal approach
Apr 23 Barclays agrees to buy ABN, which says that it will sell LaSalle to BoA
Apr 25 RBS consortium makes higher offer if ABN scraps LaSalle sale
May 3 Dutch court orders LaSalle sale be put to shareholders
May 4 BoA says it will sue ABN if LaSalle sale fails
May 5 RBS tables a bid for LaSalle, conditional on consortium’s purchase of ABN
May 7 ABN rejects RBS offer for LaSalle
May 9 ABN appeals court block on sale
May 10 Supreme court to decide on sale in 4 months

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