View source for ABN AMRO

{{Short description|Dutch bank}}
{{Infobox company
| name = ABN AMRO Bank N.V.
| logo = ABN AMRO logo.svg
| image = ABN AMRO4.jpg
| image_caption = {{ill|ABN AMRO Head Office|nl|ABN AMRO-hoofdkantoor}} in [[Zuidas]], [[Amsterdam]]
| type = [[Public company|Public]]
| traded_as = {{EuronextAmsterdam|ABN|NL0011540547|XAMS}}
| foundation = {{start date and age|1991|09|21}}
| location = [[Amsterdam]], Netherlands
| key_people = [[Marguerite Bérard]] (CEO)
| products = [[Asset management]]<br/>[[Commercial bank]]ing<br/>[[Investment bank]]ing<br/>[[Private banking]]<br/>[[Retail banking]]
| homepage = {{URL|www.abnamro.com|abnamro.com}}
| industry = [[Financial services]]
| subsid = 
| operating_income = {{increase}} 7.841 billion Euros <small>(2022)</small><ref name="2022annualrep">{{cite web | url=https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf | title=Annual Report 2022 | access-date=2023-01-01 | archive-date=2023-03-16 | archive-url=https://web.archive.org/web/20230316095225/https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf | url-status=live}}</ref>
| net_income = {{increase}} 1.867 billion Euros <small>(2022)</small><ref name="2017Q4Rep">{{cite web| url=https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf| title=Annual Report 2022| publisher=ABN AMRO Group| access-date=2023-01-01| archive-date=2023-03-16| archive-url=https://web.archive.org/web/20230316095225/https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf| url-status=live}}</ref>
| aum = {{increase}} 158.4 billion Euros <small>(2022)</small><ref name="2022annualrep"/>
| assets = {{increase}} 380 billion Euros <small>(2022)</small><ref name="2022Q4Rep"/>
| equity = {{increase}} 22.8 billion Euros <small>(2022)</small><ref name="2022Q4Rep"/>
| num_employees = {{increase}} 22,500 (January, 2023)<ref name="2022Q4Rep">{{cite web| url=https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf| title=Q4 2022 Financial Report| publisher=ABN AMRO Group| access-date=2023-01-01| archive-date=2023-03-16| archive-url=https://web.archive.org/web/20230316095225/https://assets.ctfassets.net/1u811bvgvthc/3tn2c2U6QjiBj1IWRNX9cl/c2dde83a535488509bbf0c37726fa407/ABN_AMRO_____Integrated_Annual_Report_2022.pdf| url-status=live}}</ref>
| divisions = Retail Banking, Private Banking, Commercial Banking, Corporate & Institutional Banking, Group Functions<ref name="2018Q1Rep">{{cite web| url=https://www.abnamro.com/nl/images/Documents/050_Investor_Relations/Financial_Disclosures/2018/ABN_AMRO_Quarterly_Report_2018_Q1.pdf| title=Q1 2018 Financial Report| page=8| publisher=ABN AMRO Group| access-date=2018-06-30| archive-date=2018-06-30| archive-url=https://web.archive.org/web/20180630185645/https://www.abnamro.com/nl/images/Documents/050_Investor_Relations/Financial_Disclosures/2018/ABN_AMRO_Quarterly_Report_2018_Q1.pdf| url-status=live}}</ref>
| footnotes = 
}}

'''ABN AMRO Bank N.V.''' is the third-largest Dutch bank,<ref>{{cite web|url=https://thebanks.eu/articles/major-banks-in-the-Netherlands|title=Major Banks in the Netherlands|website=TheBanks.eu|date=12 July 2020|access-date=18 February 2016|archive-date=6 October 2019|archive-url=https://web.archive.org/web/20191006183221/https://thebanks.eu/articles/major-banks-in-the-Netherlands|url-status=live}}</ref> with headquarters in [[Amsterdam]]. It was initially formed in 1991 by merger of the two prior Dutch banks that form its name, [[Algemene Bank Nederland]] (ABN) and [[AMRO Bank|Amsterdamsche en Rotterdamsche Bank]] (AMRO Bank).

Following aggressive international expansion, ABN AMRO was acquired and broken up in 2007–2008 by a consortium of European banks, including [[Fortis (finance)|Fortis]] which intended to take over its formed operations in the [[Benelux]] region. Fortis came under stress in the autumn of 2008, and was in turn broken up into separate national entities; the Dutch operations, namely [[Fortis Bank Nederland]] and the former ABN AMRO activities that Fortis had planned to absorb, were nationalized, restructured, and renamed ABN AMRO in mid-2010.<ref>{{cite news|last=Steinglass|first=Matt|title=ABN Amro fights ruling that prohibits acquisitions|url=http://www.ft.com/intl/cms/s/0/af57c202-cd2d-11e2-90e8-00144feab7de.html#axzz2XKk7eY00|newspaper=Financial Times|date=June 5, 2013|access-date=June 26, 2013|archive-date=December 10, 2019|archive-url=https://web.archive.org/web/20191210135501/http://www.ft.com/intl/cms/s/0/af57c202-cd2d-11e2-90e8-00144feab7de.html#axzz2XKk7eY00|url-status=live}}</ref> On 20 November 2015, the Dutch government publicly re-listed the company through an [[IPO]] and sold 20 percent of the shares to the public.<ref>{{cite news |url=https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12006987/ABN-Amro-IPO-raises-2.3bn-as-Dutch-government-cuts-stake.html |title=ABN Amro raises 2.3bn as Dutch government cuts stake |date=November 20, 2015 |publisher=The Telegraph |access-date=April 5, 2018 |archive-date=July 6, 2018 |archive-url=https://web.archive.org/web/20180706175935/https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/12006987/ABN-Amro-IPO-raises-2.3bn-as-Dutch-government-cuts-stake.html |url-status=live }}</ref>

ABN AMRO has been designated as a Significant Institution since the entry into force of [[European Banking Supervision]] in late 2014, and as a consequence is directly supervised by the [[European Central Bank]].<ref>{{cite web |website=European Central Bank |title=The list of significant supervised entities and the list of less significant institutions |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm-listofsupervisedentities1409en.pdf |date={{date|2014/09/04}} }}</ref><ref>{{cite web |website=European Central Bank |title=List of supervised entities |date={{date|2023/01/01}} |url=https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.listofsupervisedentities202302.en.pdf }}</ref>

==History==

===Background===
{{Main|AMRO Bank|Algemene Bank Nederland}}

In 1824, [[William I of the Netherlands|King William I]] established the [[Nederlandsche Handel-Maatschappij]] (NHM) a trading company to revive trade and financing of the [[Dutch East Indies]] and it would become one of the primary ancestors of ABN AMRO. The NHM merged with the ''Twentsche Bank'' in 1964, to form [[Algemene Bank Nederland]] (ABN). Also in 1964, the ''[[Amsterdamsche Bank]]'', established in 1871, merged with the ''[[Rotterdamsche Bank]]'', established in 1873 (as part of a merger that included ''Determeijer Weslingh & Zn.'' from 1765), to form Amsterdamsche en Rotterdamsche Bank, known as [[AMRO Bank]].

===ABN and AMRO merger===
[[File:Roelof Nelissen (1985).jpg|thumb|Politician [[Roelof Nelissen]] (1931-2019) was instrumental in the merger of ABN and AMRO Bank in 1991]]
[[File:Aurora Place.jpg|thumb|[[Aurora Place]] in [[Sydney]] displaying the ABN AMRO brand, 2006]]
[[Image:ABNAMRO Dubai.jpg|thumb|ABN AMRO branch in [[Dubai]], 2008]]

On 22 September 1991, ABN and AMRO merged to form ABN AMRO. In 1993, two of its investment banking subsidiaries ― Bank Mees & Hope and Pierson, Heldring & Pierson ― merged in turn to form [[MeesPierson]].

The two merged banks brought to ABN AMRO a large network of overseas companies and branches. From NHM, ABN owned a significant branch network in [[Asia]] and the [[Middle East]], including the [[Saudi Hollandi Bank]] owned by the NHM [[Jeddah]] branch. Another, the [[Hollandsche Bank-Unie]] (HBU), which grew from the merger of the ''Hollandsche Bank voor de Middellandsche Zee'' (HBMZ) and the ''Hollandsche Zuid-Amerika Bank'' in 1933, gave ABN AMRO an extensive network of branches in South and Central America. In 1979, ABN had expanded into North America with the acquisition of [[Chicago]]-based [[LaSalle National Bank]].

After the 1991 merger, ABN AMRO continued to grow through a number of further acquisitions, including the 1996-purchase of suburban [[Detroit]] based [[Standard Federal Bank]] followed five-years later by the acquisition of its Detroit-based competitor [[Michigan National Bank]] which was rebranded as Standard Federal. In 2005, Standard Federal became ''LaSalle Bank Midwest'' to unite ABN AMRO's two banking networks in the U.S. In 1995, ABN AMRO purchased The Chicago Corporation, an American securities and commodities trading and clearing corporation.<ref name="chicagocorp">{{cite news| url=https://www.nytimes.com/1995/09/27/business/abn-amro-is-seen-making-acquisition.html| work=[[The New York Times]]| title=ABN-Amro Is Seen Making Acquisition| date=27 September 1995| access-date=2013-02-19| archive-date=2013-06-01| archive-url=https://web.archive.org/web/20130601225305/http://www.nytimes.com/1995/09/27/business/abn-amro-is-seen-making-acquisition.html| url-status=live}}</ref>

Other major acquisitions included the Brazilian bank [[Banco Real]] in 1998, and the Italian bank [[Antonveneta]] in 2006. It was also involved in the controversial acquisition of the Dutch local government mortgage and building development organisation, the [[Bouwfonds]] in 2000.<ref name="bouwfonds">{{cite news| title=Dirty tricks during Bouwfonds privatisation| url=http://www.dutchnews.nl/news/archives/2010/03/dirty_tricks_during_bouwfonds.php| publisher=DutchNews.nl| date=31 March 2010| access-date=2013-02-19| archive-date=2010-04-04| archive-url=https://web.archive.org/web/20100404150506/http://www.dutchnews.nl/news/archives/2010/03/dirty_tricks_during_bouwfonds.php| url-status=live}}</ref> ABN AMRO sold the Bouwfonds as a going concern in 2006.

In July 2006, Favonius Ventures, which was founded and headed by [[Roel Pieper]], received all of the technology investments of ABN AMRO Capital which is the private equity business unit of ABN AMRO Bank N.V.<ref>{{cite web |url=http://www.favonius.net/ |title=About Favonius |work=favonius.net |date=December 2007 |access-date=21 October 2021 |archive-date=11 December 2007 |archive-url=https://web.archive.org/web/20071211062805/http://www.favonius.net/}}</ref>

===Mid-2000s weakness, acquisition and breakup===
[[File:Fortis Bank.JPG|thumb|[[Fortis Bank Nederland]] head office in [[Utrecht]], 2008]]

ABN AMRO had come to a crossroads in early 2005. The bank had still not come close to its own target of having a [[return on equity]] that would put it among the top five of its peer group, a target that the CEO, [[Rijkman Groenink]] had set upon his appointment in 2000. From 2000 until 2005, ABN AMRO's stock price stagnated. Financial results in 2006 added to concerns about the bank's future. [[Operating expense]]s increased at a greater rate than operating revenue, and the efficiency ratio deteriorated further to 69.9%. Non-performing loans increased considerably year on year by 192%. [[Net profit]]s were only boosted by sustained [[asset]] sales.  In 2006, research findings were publicly released regarding ABN AMRO Bank N.V.'s predecessors and connections to African slavery. An examination of 200 predecessors of ABN AMRO Bank N.V. founded before 1888, determined that some had connections to African slavery, either in the United States or elsewhere in the Americas.<ref name=hai>{{cite press release| title=HAI Completes Multinational Research on ABN AMRO Connections to Slavery, Findings Released| publisher=History Associates, Inc.| date=28 April 2006| access-date=2014-05-29| url=http://www.historyassociates.com/news/april-28-2006-press-release/| archive-date=2014-05-29| archive-url=https://web.archive.org/web/20140529232417/http://www.historyassociates.com/news/april-28-2006-press-release/| url-status=live}}</ref>

By 2007, ABN AMRO was the second-largest bank in the Netherlands and the eighth-largest in [[Europe]] by [[assets]]. At that time, the magazine ''[[The Banker]]'' and [[Fortune Global 500]] placed it 15th<ref name="CNN">{{cite news |url=https://money.cnn.com/magazines/fortune/global500/2007/industries/192/1.html |title=Fortune Global 500 by industry: Banks - Commercial and Savings |date=July 23, 2007 |publisher=CNN |access-date=26 July 2010 | archive-url= https://web.archive.org/web/20100819161201/https://money.cnn.com/magazines/fortune/global500/2007/industries/192/1.html| archive-date= 19 August 2010 | url-status= live}}</ref> in the list of world's biggest banks and it had operations in 63 countries, with over 110,000 employees.

On 31 August 2007, ABN AMRO Bank N.V. Pakistan merged with [[Prime Commercial Bank Pakistan|Prime Commercial Bank]]<ref>{{Cite web |date=2007-09-01 |title=Merger of Prime Bank completes |url=http://beta.dawn.com/news/263923/merger-of-prime-bank-completes |access-date=2023-04-25 |website=DAWN.COM |language=en |archive-date=2023-05-02 |archive-url=https://web.archive.org/web/20230502093711/https://www.dawn.com/news/263923/merger-of-prime-bank-completes |url-status=live }}</ref><ref>{{Cite news |date=2007-04-05 |title=ABN AMRO closes Pakistan bank acquisition |language=en |work=Reuters |url=https://www.reuters.com/article/abnamro-primebank-idUSWEB398820070405 |access-date=2023-04-25 |archive-date=2023-04-25 |archive-url=https://web.archive.org/web/20230425082454/https://www.reuters.com/article/abnamro-primebank-idUSWEB398820070405 |url-status=live }}</ref> which consisted of 69 branches across 24 cities for Sale of US$227 million and formed ABN AMRO Bank ([[Pakistan]]) Limited (Which later got merged into [[Royal Bank of Scotland Pakistan]]).

On 21 February 2007, [[The Children's Investment Fund Management]] (TCI) [[hedge fund]] called to ask the Chairman of the Supervisory Board to actively investigate a merger, acquisition, or breakup of ABN AMRO, stating that the current [[stock price]] did not reflect the true value of the underlying assets. TCI asked the chairman to put its request on the [[agenda (meeting)|agenda]] of the annual [[shareholder]]s' meeting to be held in April 2007. Events accelerated on 20 March 2007, when the [[United Kingdom|British]] bank [[Barclays plc|Barclays]] and ABN AMRO both confirmed they were in exclusive talks about a possible merger.

On 28 March 2007, ABN AMRO published the agenda for the shareholders' meeting of 2007. It included all items requested by TCI, but with the recommendation not to follow the request for a breakup of the company.<ref name="Barclays">{{cite news| title=Barclays in exclusive ABN talks| url=http://news.bbc.co.uk/1/hi/business/6469417.stm| date=20 March 2007| publisher=bbc.com| work=[[BBC News]] Business| access-date=2013-02-19| archive-date=2009-05-12| archive-url=https://web.archive.org/web/20090512160550/http://news.bbc.co.uk/1/hi/business/6469417.stm| url-status=live}}</ref>

[[Image:IJsseltoren Zwolle.jpg|thumb|right|ABN AMRO Insurance headquarters at {{ill|IJsseltoren|nl}} in [[Zwolle]]]]

However, on 18 April, another British bank, the [[Royal Bank of Scotland]] (RBS) contacted ABN AMRO to propose a deal in which a consortium of banks, including RBS, [[Belgium]]'s [[Fortis (finance)|Fortis]], and [[Spain]]'s Banco Santander Central Hispano (now [[Banco Santander]]) would jointly bid for ABN AMRO and thereafter divide the components of the company among them. According to the proposed deal, RBS would receive ABN's United States operations, [[LaSalle Bank|LaSalle]], and ABN's wholesale operations; Banco Santander would take the Brazilian operations; and Fortis, the Dutch operations. The three banks set up a joint venture, RFS Holdings (with a name based on their respective initials), to execute the transaction.

On 23 April, ABN AMRO and Barclays announced the proposed acquisition of ABN AMRO by Barclays. The deal was valued at €67 [[Long and short scales|billion]] and included the sale of LaSalle Bank to [[Bank of America]] for €21 billion.<ref name="agrees">{{cite news| url=http://news.bbc.co.uk/1/hi/business/6582507.stm| title=Barclays agrees £45bn Dutch deal| date=23 April 2007| work=BBC News Business| publisher=bbc.com| access-date=2013-02-19| archive-date=2008-05-28| archive-url=https://web.archive.org/web/20080528143135/http://news.bbc.co.uk/1/hi/business/6582507.stm| url-status=live}}</ref>

Two days later, the RBS-led consortium brought out its indicative offer, worth €72 billion, if ABN AMRO would abandon its sale of LaSalle Bank to Bank of America. During the shareholders' meeting the next day, approximately 68 percent of the shareholders voted in favor of the breakup as requested by TCI.<ref name="woos">{{cite news| url=http://news.bbc.co.uk/1/hi/business/6590741.stm| title=RBS woos ABN with £49bn bid plan| date=25 April 2007| work=BBC News Business| publisher=bbc.com| access-date=2013-02-19| archive-date=2009-05-22| archive-url=https://web.archive.org/web/20090522011010/http://news.bbc.co.uk/1/hi/business/6590741.stm| url-status=live}}</ref>

The sale of LaSalle was seen as obstructive by many: as a way of blocking the RBS bid, which hinged on further access to the US markets, in order to expand on the success of the group's existing American brands, [[Citizens Financial Group|Citizens Bank and Charter One]]. On 3 May 2007, the  Dutch Investors' Association (Vereniging van Effectenbezitters), with the support of shareholders representing up to 20 percent of ABN's shares, took its case to the Dutch commercial court in Amsterdam, seeking an injunction against the LaSalle sale. The court ruled that the sale of LaSalle could not be viewed apart from the current merger talks of Barclays with ABN AMRO and that the ABN AMRO shareholders should be able to approve other possible merger/acquisition candidates in a general shareholder meeting.
However, in July 2007, the Dutch Supreme Court ruled that Bank of America's acquisition of LaSalle Bank could proceed and Bank of America absorbed LaSalle effective 1 October 2007.

On 23 July 2007, Barclays raised its offer for ABN AMRO to €67.5bn, after securing investments from the governments of China and Singapore, but it was still short of the RBS consortium's offer. Barclay's revised bid was worth €35.73 a share — 4.3% more than its previous offer. The offer, which included 37% cash, remained below the €38.40-a-share offer made the week before by the RFS consortium. The revised offer did not include an offer for La Salle Bank since ABN AMRO could proceed with the sale of that subsidiary to Bank of America. RBS would now settle for ABN's investment-banking division and its Asian Network.

On 30 July 2007, ABN AMRO withdrew its support for Barclays' offer which was lower than the offer from the group led by RBS. While the Barclays offer matched ABN AMRO's "strategic vision," the board couldn't recommend it from "a financial point of view." The US$98.3bn bid from RBS, Fortis, and Banco Santander was 9.8% higher than Barclays' offer.

Barclays Bank withdrew its bid for ABN AMRO on 5 October, clearing the way for the RBS-led consortium's bid to go through, along with its planned dismemberment of ABN AMRO. RFS formally acquired ABN AMRO on 17 October 2007. Fortis would receive ABN AMRO's Dutch and Belgian operations, [[Banco Santander]] would get [[Banco Real]] in [[Brazil]], and [[Antonveneta|Banca Antonveneta]] in [[Italy]] and RBS would get ABN AMRO's wholesale division and all other operations, including those in Asia.

===2008 financial crisis===
[[File:Gerrit Zalm 2006.jpg|thumb|Politician [[Gerrit Zalm]] led the restructuring of ABN AMRO from 2009 to 2017]]

Both RBS and Fortis were increasingly visibly overextended following the ABN AMRO acquisition. On 22 April 2008, RBS announced the largest rights issue in British corporate history, which aimed to raise £12billion in new capital to offset a writedown of £5.9billion resulting from the bad investments and to shore up its reserves following the purchase of ABN AMRO. On 11 July 2008, Fortis CEO Jean Votron stepped down after the ABN AMRO deal had depleted Fortis's capital.<ref name="economist">{{cite news| url=http://www.economist.com/finance/displaystory.cfm?story_id=11751202| title=Mixed fortunes for the buyers of ABN AMRO| newspaper=[[The Economist]]| date=17 July 2008| publisher=economist.com| access-date=2013-02-19| archive-date=2008-09-10| archive-url=https://web.archive.org/web/20080910001534/http://www.economist.com/finance/displaystory.cfm?story_id=11751202| url-status=live}}</ref><ref name="votron">{{cite news| url=https://www.bloomberg.com/apps/news?pid=20601085&sid=aSgzfhmC0LSU&refer=europe| title=Fortis Ousts Chief Votron After ABN AMRO Deal Depletes Capital| author=Martijn van der Starre| work=[[Bloomberg Businessweek]]| date=11 July 2008| access-date=2013-02-19}}</ref> The total worth of Fortis, as reflected by its stock value, was at that time one-third of what it had been before the acquisition, and just under the value it had paid for the Benelux activities of ABN AMRO.<ref name="earnings">{{cite news| title=Fortis earnings fall 50% in Q2| url=http://articles.economictimes.indiatimes.com/2008-08-04/news/28390957_1_fortis-nv-abn-amro-banking| work=[[The Economic Times]]| date=4 August 2008| publisher=economictimes.com| access-date=2013-02-19| archive-date=2013-06-03| archive-url=https://web.archive.org/web/20130603102616/http://articles.economictimes.indiatimes.com/2008-08-04/news/28390957_1_fortis-nv-abn-amro-banking| url-status=dead}}</ref>

On 3 October 2008, Fortis was nationalised. The Dutch government bought a number of Fortis divisions plus Fortis's share in ABN AMRO for EUR 16.8 billion. It subsequently announced that the parts of ABN AMRO it had acquired would be integrated with Fortis Bank Nederland (FBN) to create a new ABN AMRO. On 13 October 2008, British Prime Minister [[Gordon Brown]] announced a UK government bailout of the financial system. The Treasury would infuse £37 billion ($64 billion, €47 billion) of new capital into Royal Bank of Scotland Group Plc, Lloyds TSB and HBOS Plc, to avert financial sector collapse. This resulted in a total government ownership in RBS of 58%.  As a consequence of this rescue, the chief executive of the group [[Fred Goodwin]] offered his resignation, which was duly accepted. Later in October, Fortis announced that it would sell its stake in RFS Holdings, which included all activities that had not been transferred yet to Fortis (i.e. everything except [[asset management]]).<ref name="rfs">{{cite news| title=RBS Says Fortis Rescue Won't Hurt Its ABN Amro Assets| url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aH_ji3qnDehk| author=Ben Livesey| work=Bloomberg Businessweek| date=11 July 2008| publisher=bloomberg.com| access-date=2013-02-19| archive-date=2015-04-03| archive-url=https://web.archive.org/web/20150403130915/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aH_ji3qnDehk| url-status=live}}</ref><ref name="trouble">{{cite news|url=http://www.dutchnews.nl/news/archives/2008/06/fortis_abn_amro_selloff_in_tro.php |title=Fortis ABN AMRO sell-off in trouble |date=16 June 2008 |publisher=DutchNews.nl |access-date=2013-02-19 |archive-url=https://web.archive.org/web/20130416051200/http://www.dutchnews.nl/news/archives/2008/06/fortis_abn_amro_selloff_in_tro.php |archive-date=16 April 2013 }}</ref>

===Disposals outside of the Netherlands===

In 2008, RFS Holdings completed the sale of a portfolio of [[private equity]] interests in 32 European companies managed by [[AAC Capital Partners]] to a consortium comprising [[Goldman Sachs]], [[AlpInvest Partners]] and the [[Canada Pension Plan]] for $1.5 billion through a [[private equity secondary market]] transaction.<ref name="goldman">{{cite news |url=http://www.pionline.com/apps/pbcs.dll/article?AID=/20080812/REG/553466536 |title=Goldman group snags ABN AMRO unit |work=Pensions & Investments |publisher=pionline.com |author=Arleen Jacobius |date=12 August 2008 |access-date=2013-02-19 |archive-date=2009-02-02 |archive-url=https://web.archive.org/web/20090202112513/http://www.pionline.com/apps/pbcs.dll/article?AID=%2F20080812%2FREG%2F553466536 }}</ref><ref name="discount">{{cite news| url=http://www.penews.com/magazine/news/content/2451547473| title=Discount offered to offload ABN Amro's Secondaries| work=Private Equity News| publisher=penews.com| author=Toby Lewis| date=18 August 2008| access-date=2013-02-19| archive-url=https://web.archive.org/web/20150403121609/http://www.penews.com/magazine/news/content/2451547473| archive-date=3 April 2015}}</ref>

In September 2009, RBS rebranded the Morgans sharedealing business in [[Australia]] as RBS Morgans. This followed the rebranding of the ABN AMRO Australia unit to RBS Australia in March that year.<ref name="morgans">{{cite news| url=http://news.smh.com.au/breaking-news-business/abn-amro-morgans-rebrands-to-rbs-morgans-20090910-fjaq.html| title=ABN AMRO Morgans rebrands to RBS Morgans| author=Alison Bell| work=[[Sydney Morning Herald]]| date=10 September 2009| publisher=smh.com.au| access-date=2013-02-19| archive-date=2011-08-10| archive-url=https://web.archive.org/web/20110810100316/http://news.smh.com.au/breaking-news-business/abn-amro-morgans-rebrands-to-rbs-morgans-20090910-fjaq.html| url-status=live}}</ref>

On 10 February 2010, RBS announced that branches it owned in [[India]]<ref name="india">{{cite news| title=ABN Amro India ready for re-branding into RBS| url=http://www.business-standard.com/article/finance/abn-amro-india-ready-for-re-branding-into-rbs-108052500006_1.html| work=[[Business Standard]]| publisher=business-standard.com| date=25 May 2008| access-date=2013-02-19| archive-date=2013-06-19| archive-url=https://web.archive.org/web/20130619044727/http://www.business-standard.com/article/finance/abn-amro-india-ready-for-re-branding-into-rbs-108052500006_1.html| url-status=live}}</ref> and the [[United Arab Emirates]] were to be rebranded under its name.<ref name="uae">{{cite news| url=http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data/business/2010/February/business_February152.xml&section=business&col=| title=UAE's ABN Amro Becomes RBS on February 6| work=[[Khaleej Times]]| date=5 February 2010| publisher=khaleejtimes.com| access-date=2013-02-19| archive-date=2015-04-03| archive-url=https://web.archive.org/web/20150403082006/http://www.khaleejtimes.com/DisplayArticle.asp?xfile=data%2Fbusiness%2F2010%2FFebruary%2Fbusiness_February152.xml&section=business&col=| url-status=live}}</ref> [[HSBC]] Holdings said it would buy the Indian retail and commercial banking businesses of Royal Bank of Scotland for $1.8bn, however the deal fell-through in December 2012.<ref name="hsbc">{{cite news| url=https://economictimes.indiatimes.com/articleshow/17427224.cms| title=Royal Bank of Scotland's sale of Indian unit to HSBC falls through| work=[[The Times Of India]]| date=1 December 2012| publisher=indiatimes.com| access-date=2013-02-19| archive-date=2018-02-01| archive-url=https://web.archive.org/web/20180201020118/https://economictimes.indiatimes.com/articleshow/17427224.cms| url-status=live}}</ref>

The operations owned by Santander, notably those in [[Italy]] and [[Brazil]], were merged with Santander, sold or eliminated.

===Dutch operations restructuring===
[[File:Oval Tower ABN AMRO.jpg|thumb|{{ill|Oval Tower|nl}} next to [[Johan Cruyff Arena]], Amsterdam, with ABN AMRO logo, 2013]]
[[File:Rotterdam - ABN Amro.jpg|thumb|ABN AMRO building in Rotterdam]]
[[File:Foppingadreef 22.jpg|thumb|The bank plans to move most of its central functions back in 2025 to the former AMRO head office in [[Amsterdam-Zuidoost]], known as "De Fop"<ref>{{cite web |website=Amsterdam Zuidas |title='Founding father' ABN AMRO comes and goes |date=1 December 2020 |url=https://zuidas.nl/en/blog/2020/12/01/founding-father-abn-amro-comes-and-goes/ |access-date=2022-10-02 |archive-date=2022-10-02 |archive-url=https://web.archive.org/web/20221002170402/https://zuidas.nl/en/blog/2020/12/01/founding-father-abn-amro-comes-and-goes/ |url-status=live }}</ref>]]

The Dutch government had obtained full control of all Fortis operations in the Netherlands, including those parts of ABN-AMRO then belonging to Fortis, at a price of €16.8bn.<ref name="nrc">{{cite news| title=Dutch government nationalises Fortis and ABN Amro| url=http://vorige.nrc.nl/international/article2008873.ece| work=[[NRC Handelsblad]]| publisher=nrc.nl| date=3 October 2008| access-date=2013-02-19| archive-url=https://web.archive.org/web/20130606113156/http://vorige.nrc.nl/international/article2008873.ece| archive-date=6 June 2013}}</ref> The government and the [[De Nederlandsche Bank]] president have announced the merger of Dutch Fortis and ABN AMRO parts will proceed while the bank is in state ownership. This was completed in July 2010, when Fortis operations in the Netherlands were rebranded ABN AMRO.<ref name="merger">{{cite press release |title=Completion of ABN AMRO Bank and Fortis Bank Nederland legal merger |url=http://www.abnamro.com/en/press-room/press-release-archive/2010/Completion_of_legal_merger.html |publisher=ABN AMRO |date=30 June 2010 |access-date=2013-02-19 |archive-date=2012-11-30 |archive-url=https://web.archive.org/web/20121130005352/http://www.abnamro.com/en/press-room/press-release-archive/2010/Completion_of_legal_merger.html |url-status=live}}</ref>

In November 2008, a Belgian court dismissed a suit by shareholders of Fortis objecting to the Belgian government's handling of the Fortis/ABN AMRO transaction and subsequent break-up.<ref name="usatoday">{{cite news| title=Belgian court rejects appeal against Fortis sale| url=http://usatoday30.usatoday.com/money/economy/2008-11-18-3626940092_x.htm| work=[[USA Today]]| publisher=USAtoday.com| author=Aiofe White| agency=[[Associated Press]]| date=18 November 2008| access-date=2013-02-19| archive-date=2015-04-04| archive-url=https://web.archive.org/web/20150404120054/http://usatoday30.usatoday.com/money/economy/2008-11-18-3626940092_x.htm| url-status=live}}</ref>

The Dutch government appointed former Dutch finance minister [[Gerrit Zalm]] as [[CEO]] to restructure and stabilise the bank, and in February 2010 the assets it owned were legally demerged from those owned by RBS.<ref name="demerger">{{cite press release| title=ABN AMRO completes legal demerger| url=http://www.abnamro.com/en/newsroom/archive/press-release-archive/2010/ABN-AMRO-completes-legal-demerger.html |website=ABN AMRO| date=8 February 2010| access-date=2013-02-19| archive-date=2015-04-07 | archive-url=https://web.archive.org/web/20150407143345/http://www.abnamro.com/en/newsroom/archive/press-release-archive/2010/ABN-AMRO-completes-legal-demerger.html| url-status=live}}</ref> This demerger created two separate organisations, ABN AMRO Bank N.V. and The Royal Bank of Scotland N.V.<ref name="renaming">{{cite press release| url=http://files.shareholder.com/downloads/ABN/846756220x0x349284/d539e5bf-f99e-446e-b617-1e650cbe9aec/ABN_News_2010_2_6_language-en.pdf| title=ABN AMRO Group announces the legal renaming of ABN AMRO Bank N.V. to The Royal Bank of Scotland N.V.| publisher=RBS| date=6 February 2010| access-date=2013-02-19| archive-date=2011-10-01| archive-url=https://web.archive.org/web/20111001135808/http://files.shareholder.com/downloads/ABN/846756220x0x349284/d539e5bf-f99e-446e-b617-1e650cbe9aec/ABN_News_2010_2_6_language-en.pdf}}</ref><ref name="split">{{cite press release|title=Split into the new ABN AMRO Bank and RBS N.V. in the 1st quarter of 2010|url=https://www.abnamro.com/en/press-room/press-release-archive/2009/Split-into-the-new-ABN-AMRO-Bank-NV-and-RBS-NV-in-the-1st-quarter-of-2010.html|publisher=ABN AMRO|date=7 October 2009|access-date=2013-02-19|archive-date=2021-05-27|archive-url=https://web.archive.org/web/20210527105719/https://www.abnamro.com/en/press-room/press-release-archive/2009/Split-into-the-new-ABN-AMRO-Bank-NV-and-RBS-NV-in-the-1st-quarter-of-2010.html|url-status=live}}</ref> The former was merged with ABN AMRO Private Banking, Fortis Bank Nederland, the private bank [[MeesPierson]] (formerly owned by the original ABN AMRO and Fortis) and the diamond bank International Diamond & Jewelry Group to create [[ABN AMRO Group|ABN AMRO Group N.V.]], with the Fortis name being dropped on 1 July 2010. The remaining parts of the original ABN AMRO still owned by The Royal Bank of Scotland N.V., meanwhile, were renamed, sold or closed.<ref name="USrenaming">{{cite web| title=FAQs: ABN AMRO Bank N.V. legal entity renaming in the US| url=http://gbm.rbs.com/docs/gbm/locations/united-states/USA_FAQ.pdf| publisher=Royal Bank of Scotland| date=6 February 2010| access-date=2013-02-19| archive-date=2013-06-06| archive-url=https://web.archive.org/web/20130606101931/http://gbm.rbs.com/docs/gbm/locations/united-states/USA_FAQ.pdf| url-status=live}}</ref> As part of the agreement with the [[European Commission]] on state aid in the restructuring, ABN AMRO sold [[Hollandsche Bank-Unie]] to [[Deutsche Bank]] in April 2010, together with another subsidiary, IFN Finance.

===Post-restructuring history===

ABN AMRO acquired the specialist on-line mortgage provider ''Direktbank Hypotheken'' as part of the nationalisation and from 1 January 2011, it stopped selling these products under this brand to the public. It absorbed the mortgage business into its own products under the ABN AMRO brand as well as Florius brand.<ref>{{cite web |url=http://www.dbrs.com/research/261250/dolphin-master-issuer-b-v-presale-report-series-2013-2.pdf |archive-url=https://web.archive.org/web/20140529225634/http://www.dbrs.com/research/261250/dolphin-master-issuer-b-v-presale-report-series-2013-2.pdf |archive-date=29 May 2014 |title=2 Presale Report - Structured Finance: Dutch RMBS |publisher=DBRS |date=2 October 2013 }}</ref>

In November 2020, ABN Amro announced it would cut 2800 jobs and sell its head offices as a plan to reduce costs, hoping to save €700 million by 2024.<ref>{{Cite web|date=2020-11-30|title=ABN Amro to cut 2800 jobs; sell headquarter offices|url=https://www.finextra.com/newsarticle/37041/abn-amro-to-cut-2800-jobs-sell-headquarter-offices|access-date=2020-11-30|website=Finextra Research|language=en|archive-date=2020-11-30|archive-url=https://web.archive.org/web/20201130093907/https://www.finextra.com/newsarticle/37041/abn-amro-to-cut-2800-jobs-sell-headquarter-offices|url-status=live}}</ref>

In December 2023, ABN AMRO acquired [[BUX (brokerage)|BUX]] to boost its digital presence for an undisclosed amount.<ref>{{Cite news |date=2023-12-14 |title=ABN Amro to Buy Mobile Brokerage BUX to Boost Digital Presence |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2023-12-14/abn-amro-to-buy-mobile-brokerage-bux-to-boost-digital-presence |access-date=2023-12-14}}</ref>

In May 2024, [[ABN Amro]] agreed to buy [[Hauck & Aufhäuser|Hauck Aufhäuser Lampe (HAL)]], a private bank specialised in wealth management, for 672 million euros ($730 million) from [[Fosun International]].<ref>Nilutpal Timsina, Yantoultra Ngui and Matteo Allievi (28 May 2024), [https://www.reuters.com/markets/deals/abn-amro-buy-german-lender-hauck-aufhuser-lampe-730-million-2024-05-28/ ABN Amro to buy German private bank in biggest deal since 2008 financial crisis] ''[[Reuters]]''.</ref>

In October 2024, the Dutch government announced its plan to reduce its stake in ABN Amro from 40.5% to 30% in the coming months.<ref>{{Cite news |date=15 October 2024 |title=Dutch government to reduce its stake in ABN Amro by a quarter |language=en |work=CNBC |url=https://www.cnbc.com/2024/10/15/dutch-government-to-reduce-its-stake-in-abn-amro-by-a-quarter.html |access-date=12 November 2024}}</ref>

==Operations==

ABN AMRO Bank has offices in 15 countries with 32,000 employees, most of whom are based in the Netherlands with only 5,000 in other countries. Its operations include a [[private banking]] division which focuses on high-net-worth clients in 14 countries as well as commercial and merchant banking operations that play a major role in energy, commodities and transportation markets as well as [[brokerage]], [[Clearing (finance)|clearing]], and custody.<ref name="overview">{{cite web| url=http://www.abnamro.com/en/about-abn-amro/our-company/index.html| title=Our Company| publisher=ABN AMRO| access-date=2013-02-19| archive-date=2013-01-30| archive-url=https://web.archive.org/web/20130130194113/http://www.abnamro.com/en/about-abn-amro/our-company/index.html| url-status=live}}</ref>

In April 2022, ABN AMRO Bank announced the company had signed a multi-year subscription extension with Switzerland based Banking and financial software development organisation Temenos. The deal was made to support ABN AMRO with customer growth and overall business expansion on the Temenos Banking cloud.<ref>{{cite journal|date=13 April 2022|url=https://ibsintelligence.com/ibsi-news/abn-amro-bank-extends-its-partnership-on-the-temenos-banking-cloud/|title=ABN AMRO Bank extends its partnership on the Temenos Banking Cloud|journal=IBS Intelligence|access-date=4 May 2022|archive-date=4 May 2022|archive-url=https://web.archive.org/web/20220504153507/https://ibsintelligence.com/ibsi-news/abn-amro-bank-extends-its-partnership-on-the-temenos-banking-cloud/|url-status=live}}</ref>

==Marketing==

The bank refers to itself as ABN AMRO in all capitals, based on an acronym of the two originating banks names Algemene Bank Nederland and the Amsterdam and Rotterdam Bank, in the second case the first two letters of each city make up the word AMRO. The letters in 'ABN' are pronounced separately and 'AMRO' is pronounced as a word. For this reason some media spell the name as 'ABN Amro'. In written text both versions are used, although the bank itself uses only the uppercase version. In conversations, the bank is sometimes referred to as simply ABN or AMRO bank depending on one's location around the world.

The green and yellow shield logo was designed by [[Landor Associates]] for ABN AMRO in 1991, and has been used as a brand for the bank and all its subsidiaries.

ABN AMRO was the main sponsor of Dutch football club [[AFC Ajax]] of Amsterdam from 1991 to 2008. The sponsor logo was at the time the only one in the world to be printed vertically down the right hand side of the front of the shirt. As of 2014, ABN AMRO is one of the strategic industry partners with [[Duisenberg school of finance|Duisenberg School of Finance]].<ref name=duisenberg>{{cite web|url=http://www.dsf.nl/home/about_us/industry_partners |title=DSF Industry Partners |publisher=Duisenberg School of Finance |access-date=2014-05-29 |archive-url=https://web.archive.org/web/20140613024559/http://www.dsf.nl/home/about_us/industry_partners |archive-date=2014-06-13 }}</ref>

The bank's former art collection has been managed since the end of 2007 by a dedicated foundation, the {{ill|Stichting ABN AMRO Kunstverzameling|nl}}.

==Controversies==

===Madoff fraud===
As a result of the alleged fraud by [[Bernard Madoff]], Fortis Bank Netherlands (Holding) NV lost 1 billion euros on loans from the bank (through its subsidiary Prime Fund Solutions, part of Fortis Merchant Banking) to [[hedge fund]] and as collateral investments in Bernard Madoff Investment Securities.<ref>{{Cite web |date=2009-02-06 |title=Verklaring ten aanzien van de Madoff fraude |trans-title=Statement regarding the Madoff fraud |url=http://www.fortis.com/press/info/NL_FBN_Madoff_15122008.pdf |url-status=dead |archive-url=https://web.archive.org/web/20090206030053/http://www.fortis.com/press/info/NL_FBN_Madoff_15122008.pdf |archive-date=2009-02-06 |access-date=2023-04-25 |language=nl }}</ref> The Dutch government said on behalf of Fortis that a claim against the [[Securities and Exchange Commission]] would be considered.

===Goldman Sachs SEC lawsuit===
{{Main|Goldman Sachs#SEC civil fraud lawsuit, filed in April 2010|l1=Goldman Sachs civil fraud lawsuit}}

ABN AMRO was mentioned by the [[United States Securities and Exchange Commission]] (SEC) in court filings when it sued Goldman Sachs and one of Goldman's [[collateralized debt obligation]] (CDO) traders on 16 April 2010. The SEC alleges that Goldman defrauded both [[IKB Deutsche Industriebank]] and ABN AMRO by its failure to disclose that the CDOs it sold to both banks were not assembled by a third party, but instead through the guidance of a hedge fund that was counterparty in the CDS transaction. This hedge fund, [[Paulson & Co.]], stood to reap great financial benefit in the event of default.<ref name="sec">{{cite press release| url=https://www.sec.gov/news/press/2010/2010-59.htm| title=SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages| date=16 April 2010| publisher=US Securities and Exchange Commission| access-date=2013-02-19| archive-date=2013-02-14| archive-url=https://web.archive.org/web/20130214105713/http://www.sec.gov/news/press/2010/2010-59.htm| url-status=live}}</ref><ref name="huffington">{{cite news| title=Goldman Sachs SEC SETTLEMENT Reached -- And Stock SOARS| url=http://www.huffingtonpost.com/2010/07/15/goldman-sachs-sec-settlem_n_648045.html| work=[[The Huffington Post]]| publisher=huffingtonpost.com| date=15 July 2010| access-date=2013-02-19| archive-date=2013-05-21| archive-url=https://web.archive.org/web/20130521133644/http://www.huffingtonpost.com/2010/07/15/goldman-sachs-sec-settlem_n_648045.html| url-status=live}}</ref>

===Diamond Financing===

ABN AMRO bank is one of the main banks financing the diamond business. ABN AMRO had branches in [[Botswana]], [[New York City|New York]], [[Hong Kong]], [[Mumbai]] and [[Dubai]], all of which they have sold or are in process of closing. They currently only have a branch in [[Antwerp]],  where they are also shrinking their business.

==Notable alumni==
*[[Vladimer Gurgenidze]] ― [[Prime Minister of Georgia]] (2007―2008)
*[[John Hewson]] ― Member of the Australian House of Representatives (1987―1995)
*[[Graeme Le Saux]] ― English football player
*[[Anne Boden]] ― Founder of [[Starling Bank]]

==See also==
{{Portal|Banks|Netherlands|Companies}}
*[[History of banking]]
*[[Primary dealers]]
*[[ATMIA|ATM Industry Association (ATMIA)]]
{{Clear}}

==References==
{{Reflist|30em}}

==External links==
{{Commons category}}
* {{Official website|www.abnamro.com}}
* [https://web.archive.org/web/20080612201214/http://video.marketwatch.com/market/business/abn-amro.htm?cpg=1 ABN Video and Audio on MarketWatch]
* [https://feeling-good-abnamro.wixsite.com/paris CountryLab / PARIS]

{{AEX companies}}
{{Dutch financial services companies}}
{{Members of Euro Banking Association}}

{{authority control}}

{{DEFAULTSORT:Abn Amro}}
[[Category:ABN AMRO| ]]
[[Category:Banks established in 1991]]
[[Category:Banks of the Netherlands]]
[[Category:Banks under direct supervision of the European Central Bank]]
[[Category:Companies listed on Euronext Amsterdam]]
[[Category:Dutch brands]]
[[Category:Dutch companies established in 1991]]
[[Category:Government-owned companies of the Netherlands]]
[[Category:Multinational companies headquartered in the Netherlands]]