|ABN AMRO Holding NV|
|Founded||1991 through merger|
|Headquarters||Amsterdam, The Netherlands|
|Key People||Chairman Gerrit Zalm, Chief Operating Officer and Vice-Chairman Johan van Hall|
Dutch bank ABN AMRO had already become one of Europe's largest banks through a string of acquisitions at home and abroad when 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. ABN AMRO and Fortis Bank Nederland merged in 2010 to form the current ABN AMRO,which is owned by the Dutch government.
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, which was also formed in 1964 through the merger of Twentsche Bank with Nederlandsche Handel-Maatschappij. ABN AMRO then pushed aggressively into the U.S. market by acquiring a LaSalle 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. By contrast, next-door German giant and competitor Deutsche Bank racked up sales of $101 billion in 2007 with 33,000 fewer employees.
ABN AMRO first announced in April 2007 that it had agreed to be purchased by British bank Barclay's for €67 billion (91 billion). 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.
Most analysts assume that new ABN AMRO Chairman and CEO Mark Fisher, appointed in October 2007, has been brought in from co-owner RBS to oversee ABN AMRO's anticipated break-up. The 47-year-old Fisher, a former employee of British bank NatWest who survived its hostile takeover in 2000 by RBS, had been chief executive of manufacturing at RBS before taking the top job at ABN AMRO and had served as an executive director at RBS since 2006. Before joining RBS Fisher was COO of retail banking for NatWest, where he also oversaw systems and staff.
In February 2009, Gerrit Zalm, former Dutch minister of finance, led a transition team to form the current Dutch-owned banking giant.
(not a complete list)
- 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
- Press Room. ABN AMRO.
- Our Company. ABN AMRO.
- Timeline. ABN AMRO.
- About ABN AMRO. 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.