ABN: Barclays' race against the clock

Barclays has 48 hours to complete its £89 billion merger with Dutch banking group ABN Amro.

The banking giant's period of exclusivity ends on Wednesday and the race is on for agreement between the two companies to create the world's fifth largest bank.

Barclays is under pressure as a rival trio comprising of Royal Bank of Scotland, Belgian-based Fortis and Spain's Santander have asked for access to ABN's books with a view to making a counter offer.

ABN reportedly wants further information from the rival trio before agreeing to open its books.

Shareholders of the Dutch bank have attacked its poor performance of late although the firm has released earlier than expected first quarter results "in light of recent developments" showing a strong start to the year.

ABN posted net operating profits of €1.23 billion (£834.7 million) for the first three months of 2007, up more than 25 per cent on last year.

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