ABN AMRO

from Wikipedia, the free encyclopedia
  ABN AMRO Group NV
logo
ABN AMRO headquarters in Amsterdam
ABN AMRO headquarters in Amsterdam
Country NetherlandsNetherlands Netherlands
Seat Amsterdam
legal form Naamloze Vennootschap
ISIN NL0011540547
BIC ABNANL2AXXX
founding 1991
Website www.abnamro.com
Business data 2018
Total assets 381.2 billion euros
Employee 18,820
management
Board Kees van Dijkhuizen ( Chairman and CEO )
Supervisory board Tom de Swaan (Chairman)

The ABN AMRO Bank NV, Amsterdam, is a Dutch bank by the 1991 merger of the two banks ABN and AMRO originated. On July 1, 2010, the current structure of the bank was created through the merger of ABN AMRO Bank NV with Fortis Bank (Nederland) NV, with the new combined bank operating as ABN AMRO Bank NV. ABN AMRO has been 100% owned by the Dutch state since the financial crisis and has been listed on the Amsterdam Stock Exchange since November 20, 2015 after an eight-year break .

history

The bank has a long history of mergers and combinations. On the Fortis side, the beginnings go back to R. Mees & Zoonen, whose origins go back to 1720. The original ABN AMRO was founded in 1991 with the merger of Algemene Bank Nederland (ABN) and Amsterdam-Rotterdam Bank (AMRO). The ABN itself was created in 1964 from a merger of the Nederlandsche Handel-Maatschappij (founded 1824) and the Twentsche Bank (founded 1861), the AMRO also in 1964 through the merger of the Rotterdamsche Bank (founded 1863) and the Amsterdamsche Bank (founded 1871) ). In 2007, ABN AMRO was the second largest bank in the Netherlands and the eighth largest in Europe (by balance sheet total) with activities in 63 countries and over 110,000 employees. The Banker magazine and the Fortune Global 500 listed ABN AMRO as 15th among the world's largest banks.

Takeover by RBS, Fortis and Santander

In April 2007 it was announced that the Royal Bank of Scotland (RBS), the Belgian-Dutch bancassurance group Fortis and the Spanish Banco Santander wanted to divide ABN AMRO among themselves. Analysts estimated the value of the planned transaction at around 65 billion euros . RBS was particularly interested in the US subsidiary and investment banking. Santander wanted to take over the business in Brazil and Italy, and Fortis wanted to buy the Dutch retail business and asset management. In contrast, the management of ABN AMRO favored a merger with the British Barclays Bank . On April 23, 2007, Barclays and ABN AMRO announced that they had reached an amicable takeover of the Dutch bank. The purchase price should be 70 billion euros and will largely be completed by swapping Barclays shares.

trigger

In February 2007, the bank hit the headlines when the TCI hedge fund, which was involved in it, called for an improvement in earnings. In the opinion of TCI, this should be achieved by an immediate, temporary end of the acquisitions and the sale of unprofitable business segments.

Dispute over the LaSalle Bank

Shortly after the planned takeover was announced, a spokesman for Barclays also announced that ABN AMRO 's US subsidiary LaSalle Bank Corporation would be sold to Bank of America for EUR 15.5 billion . This process was understood as a poison pill of the ABN AMRO board of directors against the hostile takeover , as the Royal Bank of Scotland was particularly interested in this subsidiary.

On April 26th, an extraordinary ABN AMRO general meeting of shareholders was called. It was decided that ABN AMRO should be sold or broken up and that the takeover offer from Santander, Fortis and RBS should also be considered. Accordingly, the general meeting did not accept the surprising sale of LaSalle Bank to Bank of America, which thwarted this shareholders' will. The TCI hedge fund was once again the leading shareholder.

On April 27, 2007, the Dutch shareholders' association VEB announced a lawsuit against the sale of LaSalle. A Dutch commercial court then stopped the sale. The court considered the shareholders' interest in better proceeds from the sale of the entire ABN AMRO to be higher than the management's right to independently sell an individual subsidiary and thus deter potential buyers.

Bank of America brought an action against this on May 15, 2007 at the Supreme Court of the Netherlands. On May 29, 2007, the RBS consortium presented the ABN AMRO shareholders with a 71 billion euro offer for ABN AMRO, expressly including LaSalle Bank. On July 13, 2007, Bank of America won its lawsuit for the LaSalle sale. The executive board of ABN AMRO did not need the permission of its shareholders for the sale, the court ruled. On October 1, 2007, the sale of LaSalle Bank to Bank of America was officially completed.

Barclays is subject

Despite the sale of LaSalle Bank, the RBS consortium improved its offer on July 16, 2007 by increasing the cash portion of the purchase price offer (71 billion euros) from 73% to 90%. This offer was limited to October 5, 2007. On August 6, 2007, Barclays only reiterated their purchase offer from April 2007. This consisted largely of a share swap. With Barclays stock falling 14% during this period, it was actually lower than April's offer. The majority of the shareholders then approved the offer made by the bidding consortium. At the end of October, the consortium announced that it owned 95% of the shares.

In October 2007, ABN AMRO was taken over by the banking trio ( Royal Bank of Scotland , Banco Santander and Fortis ) as the property of the largest bank takeover to date . The acquiring banks divided up their worldwide activities mainly according to geographic aspects. Today the name ABN AMRO is still used as a brand and company name for subsidiaries by all three banks.

ABN AMRO CEO Rijkman Groenink announced on October 10, 2007 that he would be stepping down. Mark Fisher, member of the board of directors of RBS, was nominated to succeed him.

Merger with Fortis

With the merger of the nationalized ABN AMRO and the also nationalized Fortis Bank Netherlands, the period of dependent existence for ABN AMRO came to an end, which began with the largest takeover in banking history in 2007. A good three years after a consortium made up of the British Royal Bank of Scotland (RBS), the Spanish Santander and the Dutch-Belgian Fortis took over ABN AMRO, a new institute was created on June 1, 2010. It now consists of the parts of ABN AMRO, which Fortis acquired, and the Netherlands and parts of the international banking activities of Fortis itself. For the time being as a state bank will next ING and cooperative Rabobank formed a third large banking institution in the country and later (planned in 2011 ) are listed on the stock exchange. The new ABN AMRO wants to build up or expand its corporate customer and international business, as most of this had migrated to RBS and Santander. In July 2010, the rating agency Moody's certified the newly formed institute ABN AMRO with a balanced mix of private and corporate customer business, a strong capital base and a low risk profile. The challenges, however, are the high costs of the merger and the bank's currently low profitability .

Chronicle of the merger

September 2008: Fortis, must be bailed out with over eleven billion euros from Belgium, the Netherlands and Luxembourg. The states take over 49 percent of the Fortis banks in their country.

October 2008: The Dutch state takes over Fortis 'banking and insurance business in the Netherlands and Fortis' stake in ABN AMRO for EUR 16.8 billion.

October 2008: After the Dutch state took over the Dutch area of ​​ABN AMRO, the areas were split up. ABN AMRO II NV and The Royal Bank of Scotland NV are formed.

November 2008: The Dutch government announces that it will sell the Fortis insurance companies and that the merged bank of ABN AMRO and Fortis Netherlands will be listed on the stock exchange in 2011.

May 2009: ABN AMRO announced that it would cut 4,000 to 5,000 jobs as part of the integration.

June 2009: The Dutch state supports ABN AMRO with 2.6 billion euros.

November 2009: The Dutch state supports ABN AMRO with a further 3 billion euros.

February 2010: The parts taken over by The Royal Bank of Scotland are formally separated from ABN AMRO.

July 2010: ABN AMRO Bank and Fortis Bank (Nederland) merge to become ABN AMRO Bank.

Key figures

Based on core capital of $ 31.2 billion, the bank had in 2006

  • 3rd place in the Netherlands (after Rabobank and ING Groep ),
  • 13th place in Europe or
  • Rank 24 worldwide. (Source: The Banker; as of December 31, 2006)

At the balance sheet total of 1,300 billion US dollars measured the bank had 2,006

  • 1st place in the Netherlands,
  • 8th place in Europe or
  • Rank 12 worldwide.

Subsidiaries

Netherlands

ABN Amro ATM in Haarlem

At the beginning of October 2008 and as part of the financial crisis from 2007 , the Dutch part, including the parent company Fortis Bank Nederland NV, passed into Dutch state ownership. The company name (company) ABN AMRO will continue to be used as the name of the Dutch bank branches of Fortis and ABN AMRO.

ABN AMRO Netherlands has over 20,000 employees in the Netherlands with over 4 million private and over 0.37 million business customers in 510 bank branches and 77 business customer branches. It manages assets of 187 billion euros and is active in 17 countries.

At the end of Sep 2009, ABN AMRO submitted an application to split the business areas. The Dutch division is to be separated from ABN AMRO by the end of 2009 and merged with Fortis Bank Nederlands.

ABN AMRO Netherlands received a financial injection of 2.4 billion euros in June 2009 and another 4.4 billion euros from the Dutch state at the end of November 2009.

United States

The LaSalle Bank Corporation ( Chicago ) was an important US subsidiary of ABN AMRO. In 2007, it was the largest retail bank in the US Midwest alongside JP Morgan Chase . LaSalle Bank Corporation was sold to Bank of America on October 1, 2007 for around 15 billion euros.

Important subsidiaries of LaSalle Bank Corporation are LaSalle Bank and LaSalle Bank Midwest . As early as 1979, LaSalle Bank was acquired by what was then Algemene Bank Nederland (ABN). The acquisition of LaSalle Bank Midwest on May 1, 1997 was the largest acquisition in ABN AMRO's corporate history.

Brazil

The second foreign headquarters of the bank was in Brazil with the 1998 acquired subsidiary Banco Real in Brazil. In 2003 Bank Sudameris was also acquired, an equivalent bank in the Brazilian market. As part of the break-up of ABN AMRO, the companies were transferred to the Spanish Banco Santander .

Italy

Bank Antonveneta was acquired by ABN AMRO in 2005. The sale was accompanied by a national scandal ( bancopoli ). This led to the resignation of the President of the Italian central bank Banca d'Italia, Mr. Antonio Fazio .

In the course of the split-up of ABN AMRO, Banca Antonveneta was transferred to Banco Santander in October 2007 for 6.6 billion euros. Antonveneta was sold on just a month later for 9 billion euros. The buyer was the Italian Banca Monte dei Paschi di Siena .

Germany

Former Moneyou logo

ABN AMRO has had branches in Germany since 1970. In 1981, AMRO Bank acquired the majority of shares in Handels- und Privatbank and has been running it as AMRO Handelsbank AG since 1986 . In 2003 Delbrück Bethmann Maffei AG (now Bethmann Bank ) was formed as a German subsidiary from the newly acquired banks Bethmann-Bank , Maffei-Bank and Delbrück & Co and renamed Bethmann Bank in 2011 .

In July 2011, ABN AMRO launched with the brand MoneYou (first in the letters "MoneYou") an online banking proposition to day and time deposits in Germany.

Others

The bank name is not partially written in lower case, but completely in upper case, as it is an abbreviation, not a proper name.

The bank has achieved a very high level of awareness thanks to the long-standing shirt sponsorship of the top Dutch club Ajax Amsterdam .

The bank sponsors the Euro Hockey League, which attracts international attention.

See also

Web links

Commons : ABN AMRO  - album with pictures, videos and audio files

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ Annual Report 2018. In: abnamro.com. Retrieved May 29, 2019 .
  3. ↑ a b MoneYou · is the bank safe? , www.optimal-banking.de. Retrieved July 3, 2011.
  4. ↑ a b ABN AMRO and the sad end of the megadeals , Handelsblatt , July 1, 2010
  5. ↑ CORRECTION / IPO: Netherlands earn 3.3 billion euros with ABN Amro's IPO. Retrieved May 29, 2019 .
  6. ^ History - About ABN AMRO . Retrieved February 10, 2011.
  7. ^ Fortune Global 500 by industry: Banks - Commercial and Savings , CNN. July 23, 2007. Retrieved July 26, 2010. 
  8. ^ "TCI urges ABN shake-up" , Financial Times (English), February 21, 2007
  9. ^ "Historic bank merger - Barclays swallows ABN Amro" , Spiegel , April 23, 2007
  10. ↑ "Bank trio planning hostile takeover" , FOCUS , April 27, 2007
  11. ↑ NZZ: "Serious defeat for the ABN Amro Bank" ( Memento from May 9, 2008 in the Internet Archive )
  12. ↑ "Barclays Comes Closer to Acquisition of ABN Amro" , Die Welt , July 14, 2007
  13. ^ "New round in the bidding war for ABN Amro" , Die Welt, July 16, 2007
  14. ↑ Barclays share price data , finanzen.net
  15. ↑ "Royal Bank of Scotland, Fortis and BSCH hold 95 percent of the ABN AMRO shares" , aktiencheck.de, October 26, 2007
  16. ^ Moving to RBS . Abn Amro. Archived from the original on June 12, 2009. Retrieved May 10, 2015.
  17. ^ Moving to Santander - Santander in Latin America . Abn Amro. Archived from the original on June 12, 2009. Retrieved May 10, 2015.
  18. ^ "Groenink leaves ABN Amro" ( Memento from May 10, 2008 in the Internet Archive ), DNHK notification, October 11, 2007
  19. ↑ "Member of RBS Board to succeed Groenink" , Finanz.net, October 11, 2007
  20. ↑ a b Dutch State acquired businesses . Abn Amro. Archived from the original on July 8, 2009. Retrieved May 10, 2015.
  21. ^ ABN AMRO - Split into the new ABN AMRO Bank and RBS NV in the 1st quarter of 2010 . Group.abnamro.com. Retrieved May 10, 2015.
  22. ↑ ABN AMRO - Update on separation . Group.abnamro.com. November 9, 2009. Archived from the original on February 25, 2010. Retrieved on May 10, 2015.
  23. ^ The Banker ; As of December 31, 2006
  24. ^ Further rescue operation for Fortis from October 4, 2008, handelsblatt.com, accessed on January 24, 2011
  25. ^ Two strong insurance companies and one strong bank . MinFin.nl. November 21, 2008. Retrieved June 18, 2010.
  26. ↑ Facts and figures . Abn Amro. December 31, 2009. Archived from the original on July 9, 2009. Retrieved May 10, 2015.
  27. ↑ ABN AMRO files legal demerger documentation with the Amsterdam Chamber of Commerce . Courses.focus.de. Retrieved May 10, 2015.
  28. ^ The future bank: ABN AMRO + Fortis Bank Nederland . Abn Amro. Archived from the original on July 9, 2009. Retrieved May 10, 2015.
  29. ↑ ABN Amro Gets Another Cash Injection . Nachrichten.rp-online.de. November 20, 2009. Retrieved May 10, 2015.
  30. ↑ English-language ABN AMRO page about the LaSalle history ( Memento from March 13, 2008 in the Internet Archive )
  31. ^ "Banca Monte Dei Paschi buys Antonveneta for EUR 9 billion" , FinanzNachrichten.de, November 8, 2007

Coordinates: 52 ° 20 ′ 13.4 "  N , 4 ° 52 ′ 31"  E