Royal Bank of Scotland on Tuesday raised the stakes in the battle for control of ABN Amro when the consortium led by the British bank announced a €71bn break-up bid for the Dutch lender.

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Peter Thal Larsen, banking editor, on the battle for ABN Amro

The consortium’s proposed offer, which includes more than €56bn in cash and is the largest yet in the banking industry, sets the stage for a head-on fight with Barclays, the British bank that has already agreed an €64.5bn all-share takeover of ABN Amro.