ABN AMRO
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| ABN Amro Holding NV | |
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| Founded | 1991 through merger |
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| Headquarters | Brussels, Belgium; Utrecht, Netherlands |
| Key People | CEO Mark Fisher |
| Corporate Website | www.abnamro.com |
Dutch banking giant ABN Amro had become one of Europe's largest banks through a string of acquisitions at home and abroad until it was acquired by the consortium of Fortis, RBS and Santander in October 2007 for about $94 billion.
On 3 October 2008, the Dutch state announced that it had bought Fortis Bank Nederland, including its interests in ABN AMRO. In December 2008, the Dutch state replaced Fortis as a stakeholder in RFS Holdings, which continues to manage ABN AMRO.[1]
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History
ABN Amro Holding NV was officially created in 1991 when Amro Bank, founded in 1964 through the merger of Amsterdamsche Bank and Rotterdamsche Bank, joined ABN Bank, also formed in 1964 through the merger of Twentsche Bank with Nederlandsche Handel-Maatschappij.[2] ABN Amro then pushed agressively into the U.S. market by acquiring a bank in Illinois and another two in Michigan that it subsequently merged.
ABN Amro in 2007 had 102,566 employees worldwide and recorded almost $63.9 billion in revenue, $10 billion less than the figure a year earlier.[3] By contrast, next-door German giant and competitor Deutsche Bank racked up sales of $101 billion in 2007 with 33,000 fewer employees.
The Sale
ABN Amro first announced in April 2007 that it had agreed to be purchased by British bank Barclay's for €67 billion (91 billion).[4] But a rival consortium of Royal Bank of Scotland (RBS), Spain's Banco Santander Central Hispano and Fortis, Belgium's largest financial-service group, successfully bid up the price to €72 billion, making it the largest business deal in Europe's history. The three are now breaking up ABN Amro and laying claim to its operations by region: Santander the Brazilian and Italian, Fortis the Dutch and RBS the Asian and North American banking arms.[5]
Key People
Latest News
Fortis announced in June, 2008 that it would auction off the 49% stake in a Chinese fund manager it acquired during the ABN buyout last year.[8] That could net Fortis $200-$250 million, although one potential buyer in Seoul set a maximum price of $200 million. Fortis paid €24 billion ($37 billion) for its stake in ABN Amro but has since suffered €6.6 billion in asset writedowns and needs to replenish its capital.
Other Divisions
(not a complete list)
ABN Amro Bank N.V.
ABN AMRO Clearing and Execution Services
ABN AMRO Futures
ABN AMRO Futures London
ABN AMRO Futures Ltd. (Singapore)
ABN AMRO Sage Corporation
ABN AMRO Wholesale Bank
References
- ↑ Press Room. ABN AMRO.
- ↑ Timeline. ABN Amro.
- ↑ ABN AMRO Income Statement. Hoovers.com.
- ↑ ABN Amro to Be Acquired for $91 Billion. New York Times.
- ↑ ABN AMRO Company Description. Hoovers.com.
- ↑ Born to the task of breaking up. Financial Times.
- ↑ Mark Fisher FCIBS. BusinessWeek.
- ↑ Fortis to Sell Stake in ABN Amro China Fund Venture. Bloomberg.
