ABN AMRO Bank NV, Amsterdam, is a Dutch bank that was formed by the merger of the two banks ABN AMRO and 1991. On 1 July 2010, the current structure of the bank formed by the merger of ABN AMRO Bank NV with Fortis Bank (Nederland ) NV, the new combined bank as ABN AMRO Bank NV operates. ABN AMRO is one since the financial crisis 100% to the Dutch State.
- 3.1 History of the merger
- 5.1 The Netherlands
- 5.2 USA
- 5.3 Brazil
- 5.4 Italy
- 5.5 Germany
The Bank has a long history of mergers and acquisitions behind. At Fortis side the beginnings date back to R. Mees & Zoonen, whose origins lie in 1720. The original ABN AMRO in 1991 with the merger of Algemene Bank Nederland ( ABN ) and Amsterdam -Rotterdam Bank ( AMRO ) was founded. ABN itself is from a merger of the Nederlandsche Handel Maatschappij - (founded 1824 ) and the Twentsche Bank (est. 1861 ) 1964 created, the AMRO also in 1964 by the merger of Rotterdamsche Bank (founded 1863 ) and the Amsterdamsche Bank (est. 1871 ). 2007 was then ABN AMRO 's second-largest bank in the Netherlands and the eighth largest in Europe (after the balance sheet total ) with operations in 63 countries and over 110,000 employees. The magazine The Banker and Fortune Global 500 listed the ABN AMRO number 15 of 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 Spain's Banco Santander, ABN AMRO who want to divide among themselves. Analysts estimated the value of the proposed transaction to around 65 billion euros. RBS was particularly interested in the U.S. subsidiary and the investment banking. Santander wanted to take over the business in Brazil and Italy and Fortis to buy the Dutch retail banking and asset management. In contrast, favored the management of ABN AMRO a merger with the British Barclays Bank. On 23 April 2007 Barclays and ABN AMRO announced that they have agreed to a friendly takeover of the Dutch bank. The purchase price should be at 70 billion euros and will be completed to a large extent by the exchange of Barclays shares.
In February 2007, the bank came by request of the parties to their hedge fund TCI in the headlines, as it called for an improvement in earnings. This should be in the opinion of TCI achieved by an immediate, temporary end of the acquisitions and the sale of unprofitable business lines.
Dispute over the LaSalle Bank
Shortly after the transaction was reported, a spokesman for Barclays also announced that it would enlarge its U.S. subsidiary LaSalle Bank Corporation ABN AMRO sell for 15.5 billion euros at the Bank of America. This process was understood as a defensive poison pill of the ABN AMRO Managing Board against the hostile takeover, as the Royal Bank of Scotland was interested in the particular subsidiary.
On April 26, an extraordinary ABN AMRO General Meeting of Shareholders was convened. It was decided that ABN AMRO is to be sold or broken up and also refer to the takeover offer from Santander, Fortis and RBS should be considered. Accordingly, the Annual General Meeting accepted also not surprising sale of LaSalle Bank to Bank of America, which counteracted this shareholder will. Word Foremost among the shareholders was again the hedge fund TCI.
On 27 April 2007, the Dutch shareholders' association VEB announced action against the sale of LaSalle. A Dutch commercial court thereupon stopped the sale. The court considered the interest of the shareholders in a better proceeds from the sale of all ABN AMRO as higher than deter the right of management, a single independent subsidiary to sell and therefore prospective buyers.
Against the Bank of America sued on 15 May 2007 the Supreme Court of the Netherlands. On 29 May 2007, the RBS consortium puts the ABN AMRO shareholders a 71 billion euro offer for ABN AMRO, expressly including the LaSalle Bank, before. On July 13, then in 2007 won the Bank of America lawsuit by the LaSalle sale. The Executive Board of ABN AMRO need no permission for the sale of its shareholders, it was decided as a result of the Court. On 1 October 2007, the sale of LaSalle Bank to Bank of America was officially completed.
Despite the sale of LaSalle Bank, the RBS consortium on 16 July 2007 improved its offer by increasing the purchase price offer (71 billion euros ) of 73 % cash portion to 90%. This offer expired on 5 October 2007. On 6 August 2007 Barclays reiterated its offer to purchase only from April 2007. This consisted mainly of share exchange. Since the price of Barclays shares fell by 14% during this period, it was in fact lower than the offer in April. The vast majority of the shareholders then approved the offer of the bidder consortium. End of October, the consortium announced that he owns 95% of shares.
In October 2007, ABN AMRO as the object of the largest ever bank takeover of the Bank Trio ( Royal Bank of Scotland, Banco Santander and Fortis ) was taken. The acquiring banks shared the world-wide activities primarily on a geographical basis among themselves. Today, the name ABN AMRO is as a brand and company name for affiliates of all three banks continue to be used.
The ABN AMRO CEO Rijkman Groenink announced on 10 October 2007 announced to resign. When his successor Mark Fisher, a member of the board of RBS, nominated.
Merger with Fortis
With the merger of nationalized ABN AMRO and Fortis Bank Netherlands also nationalized the time of the dependent existence for ABN AMRO came to an end, which began with the largest takeover in banking history in 2007. More than three years after a consortium of the UK's Royal Bank of Scotland (RBS ), the Spanish Santander and the Dutch- Belgian Fortis, ABN AMRO took over, a new institute was created on 1 June 2010. It is now composed of parts of ABN AMRO, Fortis has taken over, and the Dutch as well as parts of the international banking activities of Fortis yourself the time being to a state bank formed in addition to the ING and the cooperative Rabobank a third large banking institution in the country and later (planned in 2011 ) are brought to the market. To build or expand wants the new ABN AMRO their corporate customers and international business, as this was for the most part moved to RBS and Santander. The rating agency Moody's confirms the Institute ABN AMRO newly formed in July 2010, a balanced mix of private and corporate customers, a strong capital base and a low risk profile. However, challenges are the high cost of the merger and the current low profitability of the bank.
Chronicle of fusion
September 2008: Fortis must be saved with over eleven billion euros from Belgium, Netherlands and Luxembourg. The states take over 49 per cent of Fortis banks in their country.
October 2008: The Dutch government takes over the banks and insurance business of Fortis in the Netherlands and the Fortis share in ABN AMRO to 16.8 billion euros.
October 2008: After the Dutch state took over the Dutch field of ABN AMRO, there was a splitting of the spaces. Here, the ABN AMRO II N.V. and The Royal Bank of Scotland N.V. formed.
November 2008: The Dutch government has announced that Fortis Insurance to sell and bring the merged bank from ABN AMRO and Fortis Netherlands in 2011 to the stock market.
May 2009: ABN AMRO announced underscore 4,000 to 5,000 points during the integration
June 2009: The Dutch government supports ABN AMRO with 2.6 billion Euro ( € )
November 2009: The Dutch government supports ABN AMRO with an additional 3 billion €
February 2010: acquired by The Royal Bank of Scotland parts are formally separated from ABN AMRO
July 2010: ABN AMRO Bank and Fortis Bank ( Nederland) merged to form ABN AMRO Bank
In terms of the core capital of $ 31.2 billion in 2006, the Bank had
- Rank 3 in the Netherlands ( according to Rabobank and ING Groep )
- Rank 13 in Europe and
- Rank 24 held worldwide. (Source: The Banker, December 31, 2006 )
Measured by the total assets of 1.300 billion U.S. dollars in 2006, the Bank had
- Rank 1 in the Netherlands,
- Rank 8 in Europe and
- Rank 12 held worldwide.
Beginning of October 2008 and in the context of the financial crisis from 2007 onwards, the Dutch part, including the parent company Fortis Bank Nederland NV was transferred to the Dutch state-owned. The company name (company) ABN AMRO will continue 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 residential and over 0.37 million business customers in 510 bank branches and 77 business customers stores. It manages assets of € 187 billion and is active in 17 countries.
ABN AMRO has the end of September in 2009 to provide an application for splitting the divisions. So the Dutch area is to be solved out by the end of 2009, ABN AMRO and Fortis Bank merged with the Nederlands.
ABN AMRO Netherlands was in June 2009, an injection of 2.4 billion euros and the end of November 2009 fell 4.4 billion euros from the Dutch government.
The LaSalle Bank Corporation ( Chicago) was a major U.S. subsidiary of ABN AMRO. This was in 2007 next to the J. P. Morgan Chase is the largest bank in the retail business in the Midwestern United States. For about 15 billion euros, the LaSalle Bank Corporation was sold on 1 October 2007 at the Bank of America.
Important subsidiary of LaSalle Bank Corporation, the LaSalle Bank and LaSalle Bank Midwest. Back in 1979, the LaSalle Bank from the then Algemene Bank Nederland ( ABN ) was acquired. The purchase of LaSalle Bank Midwest on 1 May 1997 was the largest acquisition in the ABN AMRO corporate history.
The second foreign principal place of business of the Bank was acquired in 1998 in Brazil with the subsidiary Banco Real in Brazil. 2003 also the bank Sudameris was acquired, an equivalent bank in the Brazilian market. As part of the destruction of the ABN AMRO businesses to the Spanish Banco Santander were left.
The bank Antonveneta was acquired by ABN AMRO in 2005. The sale was accompanied by a national scandal ( Banco Poli ). This led to the resignation of the President of the Bank of Italy Banca d' Italia Mr Antonio Fazio.
In the course of decomposition of ABN AMRO, Banca Antonveneta went in October 2007 for 6.6 billion euros over to Banco Santander. Antonveneta was sold a month later for 9 billion euros on. The buyer was the Italian Banca Monte dei Paschi di Siena.
In Germany, ABN AMRO has been present since 1970 with branches. 1981 acquired the AMRO Bank the majority of shares in commercial and private bank and led them since 1986 as a trading AMRO Bank AG. 2003, Delbrück Bethmann Maffei AG ( now Bethmann Bank) formed as a German subsidiary of the newly acquired banks Bethmann Bank, Maffei Bank and Delbrück & Co and renamed Bethmann Bank, 2011.
In July 2011, ABN AMRO launched with the brand MoneYou an online banking service for day and time deposits in Germany.
The database name is not written partly in lower case, but entirely in capital letters because it is an abbreviation, not a proper name.
A very high level of awareness achieved by the Bank 's long-standing shirt sponsorship of the top Dutch club Ajax Amsterdam.
The Bank sponsors the Euro Hockey League thereby attracting international attention.