Finance

Interesting Facts About ABN Amro Bank NV

ABN Amro Bank NV is one of the biggest banks on the planet and judging by its market share, they seem to be expanding. You have probably heard about ABN Amro Bank NV, there are a lot of things that you need to know about this mammoth bank these include:

The History of ABN Amro Bank NV

The bank’s history goes back to 1785 and since then the bank has gone through several mergers, since its inception. In 2009 the bank was nationalized by the Dutch government after the bank had nearly collapsed under a company named Fortis. After the Dutch government takeover, the former Dutch Finance Minister, Garrit Zalm has named the company’s CEO. Gerrit Zalm was given the task of restructuring the bank after the collapse of Fortis and did quite a good job. In 2015 the Dutch government sold 20% of the bank’s shares.

How Big is ABN Amro Bank NV?

The ABN Amro Bank NV is the third-largest bank in the Netherlands it boasts of assets that are worth a mammoth 381.3 billion Euros as of 2018. These assets are spread over Europe and some South American Countries. The bank is huge and it has a staff complement of nearly 18 000 employees. The bank has said that it will be seeking to cut nearly 15% of its staff by 2025. This is in line with their drive to expand profitability in the Netherlands and the North of Europe. They have already started the job cuts, with nearly 3000 people losing their jobs in 2020. the drive to increase productivity will see the bank expanding some of its profitable ventures like insurance

What ABN Amro Bank Isi involved in?

ABN Amro Bank NV has several ventures in the Netherlands and Europe as a whole. They have managed to be leaders in different aspects of the banking sector. The bank has a wide-ranging portfolio providing services like insurance, mortgages, investments, and savings. They also provide banking services all over the world and this has led to their profitability and the soaring of their share prices. The bank serves a wide array of customers which include retail, cooperate, and private clients.

The ABN Amro Bank Executive

The success of the bank since the Dutch government takeover can be largely attributed to the able team of executive leaders. The Executive team is made up of prominent names like C. van Dijkhuizen, who is the Chief Executive Officer of the bank and also serves as the Chairman of the executive board. The executive board also boasts of having Clifford Abrahams as the Vice-Chairman who also serves as the bank’s Chief Financial Officer. Abrahams work has been astounding and rumour has it that Virgin Money UK has acquired his services and he will be leaving the ABN Amro Bank NV for Virgin Money UK.

ABN Amro Bank NV and the Covid 19 Pandemic

The banking sector has been one of the most affected sectors by the Covid 19 pandemic. This has seen some banks either collapsing or losing a huge chunk of the market share. Like most banks, ABN Amro Bank NV has not been spared. In October the Bank’s shares fell by about 6% due to the Corona Virus pandemic. The bank reported a profit of about 355 million dollars, which was nearly triple what analysts and experts had predicted. The sale of the bank’s Paris officer was a major contributor to the third-quarter profits.

The ABN Amro Bank NV is one of the biggest banks in the world and with the visionary executive leadership in charge of all optics point to successful expansion.