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ABN AMRO
From Wikipedia, the free encyclopedia
ABN AMRO Bank N.V. is a Dutch stateowned bank
with headquarters in Amsterdam. It was reestablished, in ABN AMRO Bank N.V
its current form in 2009, following the acquisition and
breakup of the original ABN AMRO by a banking
consortium consisting of Royal Bank of Scotland Group,
Santander Group and Fortis. Following the collapse of Type Naamloze vennootschap under
Fortis, who acquired the Dutch business, it was temporary public ownership
nationalized by the Dutch government along with Fortis Financial services
Industry
Bank Nederland.[5]
Founded 1991
The bank is a product of a long history of mergers and Headquarters Amsterdam, Netherlands
acquisitions that date to 1765. In 1991, Algemene Bank
Key people Gerrit Zalm (CEO)
Nederland (ABN) and AMRO Bank (itself the result of a
merger of the Amsterdamsche Bank and the Products Asset management
Rotterdamsche Bank in the 1960s) agreed to merge to Commercial banking
create the original ABN AMRO. By 2007, ABN AMRO Investment banking
was the secondlargest bank in the Netherlands and the Private banking
eighthlargest in Europe by assets. At that time the Retail banking
magazine The Banker and Fortune Global 500 placed it Operating 7.794 billion Euros (2011)[1]
15th[6] in the list of world’s biggest banks and it had income
operations in 63 countries, with over 110,000 employees. Profit 689 million Euros (2011)[1]
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 separate 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) and the diamond bank
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International Diamond & Jewelry Group to create 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.[10]
The Dutch government has said that ABN AMRO would remain stateowned until at least 2014, after
which it would consider a public stock market listing for the bank.
Contents
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
See also the articles on AMRO Bank and Algemene Bank Nederland
Early years
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In 1824, King William I established the Nederlandsche HandelMaatschappij (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). In the same year, the 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 create ABN AMRO.
Through these mergers and acquisitions, ABN AMRO gained a large number of overseas companies and
branches. From NHM, it owned a significant branch network in Asia and the Middle East. One of these, the
Saudi Hollandi Bank was owned by the NHM Jeddah branch and in which ABN AMRO still had a 40%
stake, caused questions in the Dutch parliament from the political Party for Freedom. Another, the
Hollandsche BankUnie (HBU), which grew from the merger of the Hollandsche Bank voor de
Middellandsche Zee (HBMZ) and the Hollandsche ZuidAmerika 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 Chicagobased LaSalle National Bank.
After the merger of ABN and AMRO Bank in 1991, the corporation continued to grow through a number of
further acquisitions, including the 1996purchase of suburban Detroit based Standard Federal Bank
followed fiveyears later by the acquisition of its Detroitbased competitor Michigan National Bank which
was rebranded as Standard Federal. In 2005, Standard Federal became LaSalle Bank Midwest to unite the
two components.
ABN AMRO purchased The Chicago Corporation, an American securities and commodities 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 acquisition of the Dutch local government mortgage and
building development organisation, the Bouwfonds in 2000.[12] ABN AMRO sold the Bouwfonds as a
going concern in 2006.
Reaching a cross roads
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 topfive 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 expenses increased at a
greater rate than operating revenue, and the efficiency ratio deteriorated further to 69.9%. Nonperforming
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. 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.[13]
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
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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 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
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.[14]
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, 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, and ABN's
wholesale operations; Banco Santander would take the Brazilian
operations; and Fortis, the Dutch operations.
On 23 April, ABN AMRO and Barclays announced the proposed
acquisition of ABN AMRO 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 RBSled consortium brought out its indicative
offer, worth €72 billion, if ABN AMRO would abandon its sale of ABN AMRO Insurance headquarters
LaSalle Bank to Bank of America. During the shareholders' meeting in Zwolle.
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 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 Bank and Charter One. On 3 May 2007, the Dutch Investors' Association
(http://www.veb.net/overveb/code.php?codenr=91&SID=0767cc89e5eb76d4e71f0c9ab3a73346)
(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,
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remained below the €38.40ashare 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 investmentbanking division and its Asian Network.
Acquisition and break up
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 RBSled 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 RBS
would get ABN AMRO's wholesale division and all other operations, ABN AMRO in Sydney.
including those in Asia.
On 9 October, the RFS consortium led by Royal Bank of Scotland, bidding for control of ABN AMRO,
formally declared victory after shareholders, representing 86 percent of the Dutch bank’s shares, accepted
the RFS group’s €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 rights
issue. Thus the financing required for the group’s €38ashare offer, which included €35.60 in cash, was
realised. Rijkman Groenink, Chairman of the Managing Board of ABN AMRO, who heavily backed the
Barclays offer, decided that he would step 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 dramatised in a play and a threepart television
series, both named after and based on the book.
Impact of the 2008 financial crisis
RBS
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
shoreup its reserves following the purchase of 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.
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In January 2009, RBS announced a loss of £28bn of which £20bn
was due to the ABN AMRO acquisition.[18] At the same time, the
government converted its preference shares to ordinary shares
resulting in a 70% ownership of RBS.[19]
Fortis
On 11 July 2008, Fortis CEO Jean Votron, stepped down after the
ABN AMRO deal had depleted Fortis's capital.[20][21] The total
worth of Fortis, as reflected by its stock value, was at that time one ABN AMRO in Dubai.
third of what it had been before the acquisition, and just under the
value it had paid for the Benelux activities of ABN AMRO.[22]
Fortis announced in September of that year 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).[23][24]
Disposals and renaming
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.[25][26]
In September 2009, RBS rebranded the Morgans sharedealing
ABN AMRO headquarters in
business in Australia as RBS Morgans. This followed the rebranding
Amsterdam.
of the ABN AMRO Australia unit to RBS Australia in March that
year.[27]
On 10 February 2010, RBS announced that branches it owned in India[28] and the United 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 of Scotland for $1.8bn, however the deal fellthrough in December
2012.[30]
Dutch government ownership
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 Netherlands, including those parts of ABNAMRO 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 state
ownership. This was completed in July 2010 when Fortis operations in the Netherlands were rebranded
ABN AMRO.[32]
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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 breakup.[33]
ABN Amro acquired the specialist online mortgage provider Direktbank Hypotheken as part of the
nationalisation and from the 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.[34]
Goldman Sachs SEC 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.[35][36]
Default on gold delivery contracts
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 clients. 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
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 highnetworth 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 &
Custody.[38]
Financial data
Financial Data [39]
Years 2002 2003 2004 2005 2006
Sales net of interest €18,280mn €18,793mn €19,793mn €23,215mn €27,641mn
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 €4,780mn
Staff 105,000 105,439 105,918 98,080 135,378
Alumni
Former employees of ABN AMRO:
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Vladimer Gurgenidze Prime Minister of Georgia (20072008)
John Hewson Member of the Australian House of Representatives (19871995)
Graeme Le Saux English football player
Marketing
Name usage and spelling
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 town 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.
Logo and style
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
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 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.[40]
See also
History of banking
Primary dealers
European Financial Services Roundtable
References
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story_id=11751202). The Economist (economist.com). 17 July 2008. Retrieved 20130219.
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(http://news.smh.com.au/breakingnewsbusiness/abnamromorgansrebrandstorbsmorgans20090910
fjaq.html). Sydney Morning Herald (smh.com.au). Retrieved 20130219.
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(http://usatoday30.usatoday.com/money/economy/200811183626940092_x.htm). USA Today (USAtoday.com).
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issuerbvpresalereportseries20132.pdf). DBRS. 2 October 2013.
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Mortgages" (http://www.sec.gov/news/press/2010/201059.htm) (Press release). US Securities and Exchange
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36. ^ "Goldman Sachs SEC SETTLEMENT Reached And Stock SOARS"
(http://www.huffingtonpost.com/2010/07/15/goldmansachssecsettlem_n_648045.html). The Huffington Post
(huffingtonpost.com). 15 July 2010. Retrieved 20130219.
37. ^ "Largest Dutch Bank Defaults On Physical Gold Deliveries"
(http://www.truthinourtime.com/2013/04/03/largestdutchbankdefaultsonphysicalgolddeliveries/) (Press
release). Truth In Our Time. 3 April 2013. Retrieved 20130526.
38. ^ "Our Company" (http://www.abnamro.com/en/aboutabnamro/ourcompany/index.html). ABN AMRO.
Retrieved 20130219.
39. ^ "ABN AMRO" (http://www.opesc.org/fichesociete/fichesociete.php?entreprise=AMRO) (in French). OpesC.
2010. Retrieved 20140529.
40. ^ "DSF Industry Partners" (http://www.dsf.nl/home/about_us/industry_partners). Duisenberg School of Finance.
Retrieved 20140529.
External links
ABN AMRO website (http://www.abnamro.com) Wikimedia Commons has
ABN Video and Audio on MarketWatch media related to ABN
AMRO.
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amro.htm?cpg=1)
ABN AMRO Pakistan website (http://www.abnamro.com.pk)
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