The ICC (International Chamber of Commerce) Tribunal has announced that it has rejected in full the claims brought by the Royal Bank of Scotland ('RBS') against ageas SA/NV.
In 2014, RBS initiated an arbitration procedure against ageas SA/NV before the ICC in Paris, initially claiming an amount of EUR 135 million, which was reduced to EUR 75 million in the course of the proceedings. This claim relates to an alleged indemnification promise made by (then) Fortis to RBS back in 2007, in the context of the takeover of the former ABN AMRO group.
The ICC Tribunal confirmed Ageas's position and ruled that RBS's claims are fully dismissed. The decision of the ICC Tribunal is final*.
Ageas is pleased with the decision of the ICC Tribunal.
* except in case of annulment proceedings on the basis of a limited number of legal grounds, such as violation of the rights of defense in the arbitration proceedings