ABN AMRO

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ABN AMRO Bank N.V
ABN AMRO.svg
Type Naamloze vennootschap under temporary public ownership
Industry Financial services
Founded 1991
Headquarters Amsterdam, Netherlands
Key people Gerrit Zalm (CEO)
Products Asset management
Commercial banking
Investment banking
Private banking
Retail banking
Operating income Increase 7.794 billion Euros (2011)[1]
Profit Increase 689 million Euros (2011)[1]
AUM Decrease 153.0 billion Euros (September 30, 2011)[2]
Total assets Increase 404.682 billion Euros (December 31, 2011)[3]
Total equity Decrease 11.420 billion Euros (December 31, 2011)[3]
Owner(s) Kingdom of the Netherlands
Employees 24,225 (December 31, 2011)[4]
Website www.abnamro.com
ABN AMRO Bank N.V. is a Dutch state-owned bank with headquarters in Amsterdam. I
t was re-established, in its current form in 2009, following the acquisition and
break-up of the original ABN AMRO by a banking consortium consisting of Royal B
ank of Scotland Group, Santander Group and Fortis. Following the collapse of For
tis, who acquired the Dutch business, it was nationalized by the Dutch governmen
t along with Fortis Bank Nederland.[5]
The bank is a product of a long history of mergers and acquisitions that date to
1765. In 1991, Algemene Bank Nederland (ABN) and AMRO Bank (itself the result o
f a merger of the Amsterdamsche Bank and the Rotterdamsche Bank in the 1960s) ag
reed to merge to create the original ABN AMRO. By 2007, ABN AMRO was the second-
largest bank in the Netherlands and the eighth-largest in Europe by assets. At t
hat time the magazine The Banker and Fortune Global 500 placed it 15th[6] in the
list of worlds biggest banks and it had operations in 63 countries, with over 11
0,000 employees.
In October 2007, a consortium of the Royal Bank of Scotland Group, Fortis and Ba
nco Santander, known as RFS Holdings B.V. acquired the bank, in what was the wor
ld's biggest bank takeover to date. Consequently, the bank was divided into thre
e parts, each owned by one of the members of the consortium. However, RBS and Fo
rtis soon ran into serious trouble: the large debt created to fund the takeover
had depleted the banks' reserves just as the financial crisis of 20072010 started
. As a result, the Dutch government stepped-in and bailed out Fortis in October
2008, before splitting ABN AMRO's Dutch assets (which had primarily been allocat
ed to Fortis) from those owned by RBS, which were effectively assumed by the UK
government due to its bail-out of the British bank. The operations owned by Sant
ander, notably those in Italy and Brazil, were merged with Santander, sold or el
iminated.
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.[7] This demerger created two sepa
rate organisations, ABN AMRO Bank N.V. and The Royal Bank of Scotland N.V.[8][9]
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) a
nd the diamond bank International Diamond & Jewelry Group to create ABN AMRO Gro
up 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., meanwhi
le, were renamed, sold or closed.[10]
The Dutch government has said that ABN AMRO would remain state-owned until at le
ast 2014, after which it would consider a public stock market listing for the ba
nk.
Contents [hide]
1 History
1.1 Early years
1.2 Reaching a cross roads
1.3 Acquisition battle
1.4 Acquisition and break up
1.5 Impact of the 2008 financial crisis
1.5.1 RBS
1.5.2 Fortis
1.5.3 Disposals and renaming
1.5.4 Dutch government ownership
1.6 Goldman Sachs SEC lawsuit
1.7 Default on gold delivery contracts
2 Bank operations
3 Financial data
4 Alumni
5 Marketing
5.1 Name usage and spelling
5.2 Logo and style
5.3 Sponsorships
6 See also
7 References
8 External links
History[edit]
See also the articles on AMRO Bank and Algemene Bank Nederland
Early years[edit]
In 1824, 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 T
wentsche Bank in 1964 to form Algemene Bank Nederland (ABN). In the same year, t
he Amsterdamsche Bank, established in 1871, merged with the Rotterdamsche Bank,
established in 1873 (as part of merger that included Determeijer Weslingh & Zn.
from 1765), to form AMRO Bank. In 1991, ABN and AMRO Bank agreed to merge to cre
ate ABN AMRO.
Through these mergers and acquisitions, ABN AMRO gained a large number of overse
as companies and branches. From NHM, it owned a significant branch network in As
ia and the Middle East. One of these, the Saudi Hollandi Bank was owned by the N
HM Jeddah branch and in which ABN AMRO still had a 40% stake, caused questions i
n the Dutch parliament from the political Party for Freedom. Another, the Hollan
dsche Bank-Unie (HBU), which grew from the merger of the Hollandsche Bank voor d
e 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 expanded into North America with the acquisition of Chicago-based LaSalle N
ational Bank.
After the merger of ABN and AMRO Bank in 1991, the corporation continued to grow
through a number of further acquisitions, including the 1996-purchase of suburb
an Detroit based Standard Federal Bank followed five-years later by the acquisit
ion of its Detroit-based competitor Michigan National Bank which was rebranded a
s Standard Federal. In 2005, Standard Federal became LaSalle Bank Midwest to uni
te the two components.
ABN AMRO purchased The Chicago Corporation, an American securities and commoditi
es trading and clearing corporation in fall 1995.[11]
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 acqu
isition of the Dutch local government mortgage and building development organisa
tion, the Bouwfonds in 2000.[12] ABN AMRO sold the Bouwfonds as a going concern
in 2006.
Reaching a cross roads[edit]
ABN AMRO had come to a crossroads in early 2005. The bank had still not come clo
se to its own target of having a return on equity that would put it among the to
p-five of its peer group, a target that the CEO, Rijkman Groenink had set upon h
is 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 e
xpenses increased at a greater rate than operating revenue, and the efficiency r
atio deteriorated further to 69.9%. Non-performing loans increased considerably
year on year by 192%. Net profits were only boosted by sustained asset sales. In
2006, research findings were publicly released regarding ABN AMRO Bank N.V. pre
decessors 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.[1
3]
There had been some calls, over the prior couple of years, for ABN AMRO to break
up, to merge, or to be acquired. 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, stat
ing that the current stock price did not reflect the true value of the underlyin
g assets. TCI asked the chairman to put its request on the agenda of the annual
shareholders' meeting to be held in April 2007.
Events accelerated on 20 March, when the British bank Barclays and ABN AMRO both
confirmed they were in exclusive talks about a possible merger.
Acquisition battle[edit]
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 t
o follow the request for a breakup of the company.[14]
ABN AMRO Insurance headquarters in Zwolle.
However, on 18 April, another British bank, the Royal Bank of Scotland (RBS) con
tacted ABN AMRO to propose a deal in which a consortium of banks, including RBS,
Belgium's Fortis, and Spain's Banco Santander Central Hispano (now Banco Santan
der) 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 Unit
ed States operations, LaSalle, and ABN's wholesale operations; Banco Santander w
ould take the Brazilian operations; and Fortis, the Dutch operations.
On 23 April, ABN AMRO and Barclays announced the proposed acquisition of ABN AMR
O by Barclays. The deal was valued at 67 billion and included the sale of LaSalle
Bank to Bank of America for 21 billion.[15]
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 favour of the breakup as requested by TCI.[16]
The sale of LaSalle was seen as obstructive by many: as a way of blocking the RB
S bid, which hinged on further access to the US markets, in order to expand on t
he success of the group's existing American brands, Citizens Bank and Charter On
e. On 3 May 2007, the Dutch Investors' Association (Vereniging van Effectenbezit
ters), with the support of shareholders representing up to 20 percent of ABN's s
hares, took its case to the Dutch commercial court in Amsterdam, seeking an inju
nction 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, t
he 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.
ABN AMRO in Sydney.
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 bel
ow the 38.40-a-share offer made the week before by the RFS consortium. The revise
d 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 A
BN's investment-banking division and its Asian Network.
Acquisition and break up[edit]
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
AMROs strategic vision, the board couldnt recommend it from a financial point of view
. The US$98.3bn bid from RBS, Fortis and Banco Santander was 9.8% higher than Bar
clays offer.
Barclays Bank withdrew its bid for ABN AMRO on 5 October, clearing the way for t
he RBS-led consortium's bid to go through, along with its planned dismemberment
of ABN AMRO. Fortis would receive ABN AMRO's Dutch and Belgian operations, Banco
Santander would get Banco Real in Brazil, and Banca Antonveneta in Italy and RB
S would get ABN AMRO's wholesale division and all other operations, including th
ose in Asia.
On 9 October, the RFS consortium led by Royal Bank of Scotland, bidding for cont
rol of ABN AMRO, formally declared victory after shareholders, representing 86 p
ercent of the Dutch banks shares, accepted the RFS groups 70bn offer. This level of
acceptance cleared the way for the consortium to take formal control. The group
declared its offer unconditional on October 10, when Fortis completed its 13bn r
ights issue. Thus the financing required for the groups 38-a-share offer, which in
cluded 35.60 in cash, was realised. Rijkman Groenink, Chairman of the Managing Bo
ard of ABN AMRO, who heavily backed the Barclays offer, decided that he would st
ep down.[17]
The decline and fall of ABN Amro is reconstructed in the book "De Prooi" (Dutch
for "The Prey") by journalist and professor Jeroen Smit. The events were also dr
amatised in a play and a three-part television series, both named after and base
d on the book.
Impact of the 2008 financial crisis[edit]
RBS[edit]
Further information: Royal Bank of Scotland Group 2008-2009 financial crisis
ABN AMRO in Dubai.
On 22 April 2008, RBS announced the largest rights issue in British corporate hi
story, which aimed to raise 12billion in new capital to offset a writedown of 5.9b
illion resulting from the bad investments and to shore-up its reserves following
the purchase of ABN AMRO.
On 13 October 2008, British Prime Minister Gordon Brown announced a UK governmen
t bailout of the financial system. The Treasury would infuse 37 billion ($64 bill
ion, 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 gove
rnment ownership in RBS of 58%. As a consequence of this rescue, the chief execu
tive of the group Fred Goodwin offered his resignation, which was duly accepted.
In January 2009, RBS announced a loss of 28bn of which 20bn was due to the ABN AMR
O acquisition.[18] At the same time, the government converted its preference sha
res to ordinary shares resulting in a 70% ownership of RBS.[19]
Fortis[edit]
Further information: Fortis ABN AMRO
ABN AMRO headquarters in Amsterdam.
On 11 July 2008, Fortis CEO Jean Votron, stepped down after the ABN AMRO deal ha
d depleted Fortis's capital.[20][21] The total worth of Fortis, as reflected by
its stock value, was at that time one-third of what it had been before the acqui
sition, and just under the value it had paid for the Benelux activities of ABN A
MRO.[22]
Fortis announced in September of that year that it would sell its stake in RFS H
oldings, which included all activities that had not been transferred yet to Fort
is (i.e. everything except asset management).[23][24]
Disposals and renaming[edit]
In 2008, RFS Holdings completed the sale of a portfolio of private equity intere
sts in 32 European companies managed by AAC Capital Partners to a consortium com
prising Goldman Sachs, AlpInvest Partners and the Canada Pension Plan for $1.5 b
illion through a private equity secondary market transaction.[25][26]
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 R
BS Australia in March that year.[27]
On 10 February 2010, RBS announced that branches it owned in India[28] and the U
nited Arab Emirates were to be rebranded under its name.[29] HSBC Holdings said
it would buy the Indian retail and commercial banking businesses of Royal Bank o
f Scotland for $1.8bn, however the deal fell-through in December 2012.[30]
Dutch government ownership[edit]
Continuing problems with Fortis operations during the 2008 financial crisis led
to the Dutch government to obtain full control of all Fortis operations in the N
etherlands, including those parts of ABN-AMRO then belonging to Fortis for 16.8bn
.[31] 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 stat
e ownership. This was completed in July 2010 when Fortis operations in the Nethe
rlands were rebranded ABN AMRO.[32]
In November 2008, a Belgian court dismissed a suit by shareholders of Fortis obj
ecting to the Belgian government's handling of the Fortis/ABN AMRO transaction a
nd subsequent break-up.[33]
ABN Amro acquired the specialist on-line mortgage provider Direktbank Hypotheken
as part of the nationalisation and from the 1 January 2011 it stopped selling t
hese 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.[34]
Goldman Sachs SEC lawsuit[edit]
Main article: 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 collateral
ized debt obligation (CDO) traders on 16 April 2010. The SEC alleges that Goldma
n defrauded both IKB Deutsche Industriebank and ABN AMRO by its failure to discl
ose 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 t
ransaction. This hedge fund, Paulson & Co., stood to reap great financial benefi
t in the event of default.[35][36]
Default on gold delivery contracts[edit]
On March 2013, ABN AMRO issued a letter to its gold contract customers notifying
that it would default on its obligation to deliver allocated gold to its client
s. By taking advantage of legal tender laws, the firm offered to compensate the
loss to its clients using fiat currency rather than actual gold.[37]
Bank operations[edit]
ABN AMRO Bank has offices in 15 countries with 32,000 employees, most of whom ar
e based in the Netherlands with only 5,000 in other countries. Its operations in
clude a private banking division which focuses on high-net worth clients in 14 c
ountries as well as commercial and merchant banking operations that play a major
role in energy, commodities and transportation markets as well as brokerage, Cl
earing & Custody.[38]
Financial data[edit]
Financial Data [39]
Years 2002 2003 2004 2005 2006
Sales net of interest 18,280mn 18,793mn 19,793mn 23,215mn 27,64
EBITDA 4,719mn 5,848mn 6,104mn 6,705mn 6,360mn
Net Result Share of the group 2,267mn 3,161mn 4,109mn 4,443mn
Staff 105,000 105,439 105,918 98,080 135,378
Alumni[edit]
Former employees of ABN AMRO:
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
Marketing[edit]
Name usage and spelling[edit]
The bank refers to itself as ABN AMRO in all capitals, based on an acronym of th
e two originating banks names Algemene Bank Nederland and the Amsterdam and Rott
erdam Bank, in the second case the first two letters of each town make up the AM
RO. 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.
Logo and style[edit]
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.
Sponsorships[edit]
ABN AMRO was the main sponsor of Dutch football club AFC Ajax between from 1991
to 2008. The sponsor logo was (at the time) the only one in the world to be prin
ted vertically down the right hand side of the front of the shirt. As of 2014 AB
N AMRO is one of the strategic industry partners with Duisenberg school of finan
ce.[40]
See also[edit]
Portal icon Netherlands portal
Portal icon Companies portal
History of banking
Primary dealers
European Financial Services Roundtable
References[edit]
^ Jump up to: a b "Annual Report 2011". ABN AMRO Group. p. 149. Retrieved 2013-0
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^ Jump up to: a b "Annual Report 2011". ABN AMRO Group. p. 151. Retrieved 2013-0
2-19.
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2010.
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Jump up ^ "ABN AMRO Group announces the legal renaming of ABN AMRO Bank N.V. to
The Royal Bank of Scotland N.V." (Press release). RBS. 6 February 2010. Retrieve
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Jump up ^ "Split into the new ABN AMRO Bank and RBS N.V. in the 1st quarter of 2
010" (Press release). ABN AMRO. 7 October 2009. Retrieved 2013-02-19.
Jump up ^ "FAQs: ABN AMRO Bank N.V. legal entity renaming in the US". Royal Bank
of Scotland. 6 February 2010. Retrieved 2013-02-19.
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). 27 September 1995. Retrieved 2013-02-19.
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2010. Retrieved 2013-02-19.
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Jump up ^ Matthieu Robbins (20 January 2009). "Was ABN the worst takeover deal e
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Jump up ^ "Mixed fortunes for the buyers of ABN AMRO". The Economist (economist.
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Jump up ^ Martijn van der Starre (11 July 2008). "Fortis Ousts Chief Votron Afte
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Jump up ^ "Fortis earnings fall 50% in Q2". The Economic Times (economictimes.co
m). 4 August 2008. Retrieved 2013-02-19.
Jump up ^ Ben Livesey (11 July 2008). "RBS Says Fortis Rescue Won't Hurt Its ABN
Amro Assets". Bloomberg Businessweek (bloomberg.com). Retrieved 2013-02-19.
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Pensions & Investments (pionline.com). Retrieved 2013-02-19.
Jump up ^ Toby Lewis (18 August 2008). "Discount offered to offload ABN Amro's S
econdaries". Private Equity News (penews.com). Retrieved 2013-02-19.
Jump up ^ Alison Bell (10 September 2009). "ABN AMRO Morgans rebrands to RBS Mor
gans". Sydney Morning Herald (smh.com.au). Retrieved 2013-02-19.
Jump up ^ "ABN Amro India ready for re-branding into RBS". Business Standard (bu
siness-standard.com). 25 May 2008. Retrieved 2013-02-19.
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Jump up ^ Aiofe White (18 November 2008). "Belgian court rejects appeal against
Fortis sale". USA Today (USAtoday.com). Associated Press. Retrieved 2013-02-19.
Jump up ^ "2 Presale Report - Structured Finance: Dutch RMBS". DBRS. 2 October 2
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ission. 16 April 2010. Retrieved 2013-02-19.
Jump up ^ "Goldman Sachs SEC SETTLEMENT Reached -- And Stock SOARS". The Huffing
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Jump up ^ "Largest Dutch Bank Defaults On Physical Gold Deliveries" (Press relea
se). Truth In Our Time. 3 April 2013. Retrieved 2013-05-26.
Jump up ^ "Our Company". ABN AMRO. Retrieved 2013-02-19.
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Jump up ^ "DSF Industry Partners". Duisenberg School of Finance. Retrieved 2014-
05-29.
External links[edit]
Wikimedia Commons has media related to ABN AMRO.
ABN AMRO website
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Links to related articles
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List of banks in Europe
Categories: ABN AMRO1991 establishments in the NetherlandsBanks established in 1
991Banks of the NetherlandsCompanies based in AmsterdamCompanies formerly listed
on the London Stock ExchangeGovernment-owned companies of the NetherlandsMultin
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ntander Group
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