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Encyclopedia > ABN AMRO
ABN AMRO Holding N.V.
Type Public (Euronext: AAB, NYSE: ABN)
Founded 1991
Headquarters Amsterdam, the Netherlands
Key people Mark Fisher (CEO)
Industry Financial services
Products Asset management
Commercial banking
Investment banking
Private banking
Retail banking
Revenue €19.827 billion (2005)
Employees 105,000
Subsidiaries ABN AMRO Bank N.V
Slogan Making more possible
Website www.abnamro.com

ABN AMRO (Euronext: AAB, NYSEABN) was in the period of 1991 till 2007 one of the largest banks in Europe and had operations in about 63 countries around the world. Originated in the Netherlands, its history dated back to 1824. A consortium of three European banks, Royal Bank of Scotland Group, Fortis and Banco Santander, announced on October 8, 2007, that an offer for 86% of outstanding ABN AMRO stock has been accepted, making way for the largest ever bank takeover in history.[1] Image File history File links No higher resolution available. ... This article does not cite any references or sources. ... Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... Year 1991 (MCMXCI) was a common year starting on Tuesday (link will display the 1991 Gregorian calendar). ... For other uses, see Amsterdam (disambiguation). ... Mark Fisher may refer to: Mark Fisher (1944-), British politician Mark Fisher (songwriter) (1895-1948), American songwriter Mark Fisher (musician), session musician, keyboard player for Wham, Matt Bianco guiding light 1983-2003 Category: ... Financial services is a term used to refer to the services provided by the finance industry. ... Asset management is the method that a company uses to track fixed assets, for example factory equipment, desks and chairs, computers, even buildings. ... A commercial bank is a type of financial intermediary and a type of bank. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Private banking is done by major institutional banks known as private banks, which offer financial services to private individuals. ... According to investopedia. ... Look up revenue in Wiktionary, the free dictionary. ... Image File history File links No higher resolution available. ... This article is about work. ... A subsidiary, in business, is an entity that is controlled by another entity. ... Look up slogan in Wiktionary, the free dictionary. ... A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML... Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... For other uses, see Bank (disambiguation). ... For other uses, see Europe (disambiguation). ... 1824 was a leap year starting on Thursday (see link for calendar). ... The Royal Bank of Scotland Group plc (LSE: RBS) is a banking and insurance holding company based in Edinburgh, Scotland, UK.[1] It includes the The Royal Bank of Scotland plc (Scottish Gaelic: [2]) founded in 1727 by a Royal Charter of King George I.[3] The RBS Group is... Fortis (Euronext: FORA and Euronext: FORB) is a large banking, insurance, and investment management company. ... Banco Santander Central Hispano is the largest bank in Spain and now has large scale operations in both the continents of Europe and South America. ...


ABN AMRO is listed on Euronext Amsterdam and the New York Stock Exchange. It was part of the AEX index, until October 11, 2007. It was removed from the Euronext 100 index on October 12, 2007. On November 1, an extraordinary shareholder meeting was held to change the bank's management. Mark Fischer from RBS took over as CEO. At that meeting the consortium stated that 97% of all shares were in their hands. Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. ... The Euronext 100 Index is the blue chip index of the pan-European exchange, Euronext NV. It is comprised of the largest and most liquid stocks traded on Euronext. ...

Contents

Build up to acquisition

ABN AMRO had come to a crossroads in the beginning of 2007. The bank had still not come close to their own target of being in the top 5 of their peer group measured on ROE, a target that was set in 2000 by the then just appointed CEO Rijkman Groenink. From 2000 till 2006, the ABN AMRO stock price had remained stagnant. Return on Equity (ROE, Return on average common equity) measures the rate of return on the ownership interest (shareholders equity) of the common stock owners. ...


The financial results for the FY 06 added to concerns about the bank's future. Operating expenses increased at a greater rate than operating revenue reflecting greater operating results difficulties. The efficiency ratio deteriorated further to 69.9%. Non performing loans increased considerably year on year by 192%. Net profits were only boosted by sustained asset sales. In throughput accounting, the cost accounting aspect of Theory of Constraints (TOC), operating expense is the money spent turning inventory into throughput. ... Net profit is an accounting term which is commonly used in business. ... This article is about the business definition. ...


There had been some calls over the last couple of years for ABN AMRO to break up, merge or to be acquired. On February 21, 2007, these calls became very concrete, when the TCI hedge fund asked the Chairman of the Supervisory Board to actively investigate a merger, acquisition or break up of ABN AMRO, stating that the current stock price didn't reflect the true value of the underlying assets. TCI asked the chairman to put their request on the agenda of the annual shareholders meeting of April 2007. is the 52nd day of the year in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Childrens Investment Fund (TCI) is a London-based hedge fund. ... A hedge fund is a private investment fund charging a performance fee and typically open to only a limited range of qualified investors. ... A Chairman is the presiding officer of a meeting, organization, committee, or other deliberative body. ... The phrase mergers and acquisitions or M&A refers to the aspect of corporate finance strategy and management dealing with the merging and acquiring of different companies as well as assets. ... In psychology, there are several models that attempt to explain and account for the trajectory of the breakup of a relationship. ... See stock (disambiguation) for other meanings of the term stock In financial terminology, stock is the capital raised by a corporation, through the issuance and sale of shares. ... In general, the economic value of something is how much a product or service is worth to someone relative to other things (often measured in money). ... Look up Agenda in Wiktionary, the free dictionary. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ...


Events accelerated when on March 20, 2007, Barclays and ABN AMRO both confirmed they were in exclusive talks about a possible merger. On March 28, 2007, ABN AMRO published the agenda for the shareholding meeting of 2007. It included all items requested by TCI, but with the recommendation not to follow the request for a break up of the company.[2] is the 79th day of the year (80th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Barclays Group is based in One Churchill Place, Canary Wharf Barclays plc (LSE: BARC, NYSE: BCS, TYO: 8642 ) is a global financial services provider and sportswear consultancy operating in Europe, the United States, the Middle East, Latin America, Australia, Asia and Africa. ... is the 87th day of the year (88th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


However, on April 13, 2007, Royal Bank of Scotland contacted ABN AMRO to propose a deal in which a consortium of banks including RBS, Fortis and Banco Santander Central Hispano (now Banco Santander) would jointly bid for ABN AMRO and thereafter, break up the different divisions of the company. According to the proposed deal, RBS would takeover ABN's Chicago operations, LaSalle, and possibly ABN's wholesale operations while Banco Santander would take the Brazilian operations and Fortis, the Dutch operations. is the 103rd day of the year (104th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... The Royal Bank of Scotland Plc (Scottish Gaelic: [1]) is one of the retail banking subsidiaries of Royal Bank of Scotland Group plc, which together with NatWest, provides branch banking facilities in the United Kingdom. ... Fortis (Euronext: FORA and Euronext: FORB) is a large banking, insurance, and investment management company. ... Banco Santander Central Hispano is the largest bank in Spain and now has large scale operations in both the continents of Europe and South America. ... LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. ...


On April 23, 2007, ABN AMRO and Barclays announced their proposed acquisition of ABN AMRO. The deal was valued at €67 billion. Part of the deal was the sale of the LaSalle Bank to Bank of America for €21 billion.[3] is the 113th day of the year (114th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... Bank of America (NYSE: BAC TYO: 8648) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. ...


On April 25, 2007 the RBS led consortium brought out their indicative offer worth €72 Billion, if ABN AMRO would abandon its sale of LaSalle Bank to Bank of America. During the Shareholders meeting the next day a majority of about 68% of the shareholders voted in favour of the break up as requested by TCI.[4] is the 115th day of the year (116th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


The sale of LaSalle was seen as obstructive by many as a way of blocking the RBS bid which hinged on further access to the US markets to expand on the success of the groups existing American brand, Citizens Bank. On May 3, 2007 the Dutch investor group VEB, with the support of shareholders representing up to 20 percent of ABN's shares, took its case to the Dutch commercial court in Amsterdam, asking for an injunction against the LaSalle sale. The court ruled on May 3, 2007, that the sale of LaSalle could not be viewed apart from the current merger talks of Barclays with ABN AMRO, and that the ABN AMRO shareholders should be able to approve other possible merger/acquisition candidates in a general shareholder meeting. However, In July 2007, the Dutch Supreme Court ruled that Bank of America's acquisition of LaSalle Bank Corporation could proceed.[1] Bank of America absorbed LaSalle effective October 1, 2007.[2] is the 123rd day of the year (124th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 274th day of the year (275th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


On July 23, 2007, Barclays raised its offer for ABN AMRO to EUR 67.5bn after securing investments from the governments of China and Singapore, but it was still short of the RBS Consortium offer. The UK bank’s revised bid was worth EUR 35.73 a share, 4.3% more than its previous offer. The offer, which includes 37% cash, remained below the EUR 38.40-a-share offer made the week before by Royal Bank of Scotland Group Plc, Banco Santander SA, and Fortis. Their revised offer didn't include an offer for La Salle bank, since ABN AMRO could proceed with the sale of that subsidiary to Bank of America. RBS would now settle for ABN's investment banking division and its Asian Network. China Development Bank would invest EUR 2.2bn in Barclays, and a further EUR 7.6bn if the bid for ABN AMRO would succeed. Singapore's Temasek Holdings Pte, the city-state's investment arm, would invest EUR 1.4bn initially, and an additional EUR 2.2bn upon the purchase of ABN AMRO. is the 204th day of the year (205th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


On July 30, 2007, ABN AMRO withdrew its support for Barclays’ offer which was lower than the offer by the group led by RBS. While the Barclays offer matches ABN AMRO’s “strategic vision”, the board can’t recommend it from “a financial point of view”, the Dutch bank said. The US$98.3bn bid from RBS, Fortis and Banco Santander was 9.8% higher than Barclays’ offer. is the 211th day of the year (212th in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...


On October 5th, 2007 Barclays bank withdrew their bid for ABN AMRO, clearing the way for the RBS-led consortia's bid to go through, with its planned dismemberment of ABN AMRO. Fortis would get ABN AMRO's Dutch and Belgian operations, Banco Santander would get Banco Real in Brazil, and Banca Antonveneta in Italy, and RBS would get ABN AMRO's wholesale division and all other operations, including those in India and the Far East. Barclays Bank is the fourth largest bank in the United Kingdom. ... Fortis may refer to Fortis (phonetics), a linguistic term Fortis (finance), a financial services company, based in Belgium and the Netherlands Fortis Inc. ... Banco Santander Central Hispano is the largest bank in Spain and now has large scale operations in both the continents of Europe and South America. ... The terms Royal Bank, Banque Royale, Banco Real can connote several different things, RBS, the Royal Bank of Scotland RBC, the Royal Bank of Canada Royal Bank Plaza, headquarters of RBC in Toronto, Ontario, Canada. ... Antonveneta is the 9th largest banking group in Italy in terms of customer loans and the 8th largest in terms of total assets, with 1,000 branches, 10,800 employees and €50bn in assets. ...


On October 9, 2007, The Royal Bank of Scotland-led consortium bidding for control of ABN Amro on Monday formally declared victory after shareholders representing 86 per cent of the Dutch bank’s shares accepted the group’s €70bn (£48bn) offer. The level of acceptances clears the way for the consortium, which includes Santander of Spain and Fortis, the Belgo-Dutch group, to take formal control of ABN. The group declared its offer unconditional on 10 October 2007 when Fortis completed its €13bn rights issue. This completed the financing required for the group’s €38-a-share offer, which includes €35.60 in cash. Rijkman Groenink Chairman of the Managing Board of ABN AMRO who heavily backed the Barclays offer decided that he would step down.[5] is the 282nd day of the year (283rd in leap years) in the Gregorian calendar. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...

Financial Data in euro Millions
Years 2002 2003 2004 2005 2006
Sales net of interest 18 280 18 793 19 793 23 215 27 641
Ebitda 4 719 5 848 6 104 6 705 6 360
Net Result Share of the group 2 267 3 161 4 109 4 443 4 780
Staff 105 000 105 439 105 918 98 080 135 378
Source:'OpesC'

Sales are the activities involved in providing products or services in return for money or other compensation. ... In accounting and finance, EBITDA «ee-bit-dah» or «ee-bit-dee-eh» stands for Earnings before Interest, Taxes, Depreciation, and Amortization (sometimes named OIBDA for operating income before depreciation and amortization). ... You may be looking for information on: Look up staff on Wiktionary, the free dictionary. ...

Business units

The business units of ABN AMRO are currently organised by regions:

  • The Netherlands
  • Europe (excluding the Netherlands)
  • North America
  • Latin America
  • Asia Pacific

Some of the specialty products and clients of ABN AMRO Bank have a global presence:

  • Private Clients
  • Global Clients
  • Global Markets
  • Transaction Banking
  • Consumer Banking
  • Asset Management

Further, the support functions of ABN AMRO are divided into two global business units:

  • Group Functions
  • Services and products

ABN AMRO ranks eighth in Europe and 13th in the world based on total assets, with more than 4,500 branches in 53 countries, a staff of over 110,000 full-time equivalents and total assets of €999 billion (as of September 30, 2006). is the 273rd day of the year (274th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ...


The bank has developed a strategy of having three home markets: The Netherlands, the United States, and Brazil. The U.S. commercial banking operations of ABN AMRO consist of LaSalle Bank in Chicago, Illinois and LaSalle Bank Midwest in Detroit, Michigan which operate under the name LaSalle Bank Corporation. LaSalle Bank Midwest is the former Standard Federal Bank, which changed its name on September 12, 2005. ABN AMRO also used to operate ABN AMRO Mortgage Group, one of the leading mortgage servicing companies in the US, but in January 2007 it sold this business to Citigroup.[6] In Brazil, ABN AMRO's subsidiary is Banco Real. Banco Real recently completed an acquisition of Sudameris, a peer bank in the Brazilian market. LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. ... Flag Seal Nickname: The Windy City Motto: Urbs In Horto (Latin: City in a Garden), I Will Location Location in Chicagoland and northern Illinois Coordinates , Government Country State Counties United States Illinois Cook, DuPage Mayor Richard M. Daley (D) Geographical characteristics Area     City 606. ... LaSalle Bank Midwest N.A. is a bank serving Michigan and Indiana with 264 branches and 1,000 ATMs. ... Detroit redirects here. ... is the 255th day of the year (256th in leap years) in the Gregorian calendar. ... Year 2005 (MMV) was a common year starting on Saturday (link displays full calendar) of the Gregorian calendar. ... Citigroup Inc. ... The terms Royal Bank, Banque Royale, Banco Real can connote several different things, RBS, the Royal Bank of Scotland RBC, the Royal Bank of Canada Royal Bank Plaza, headquarters of RBC in Toronto, Ontario, Canada. ... The terms Royal Bank, Banque Royale, Banco Real can connote several different things, RBS, the Royal Bank of Scotland RBC, the Royal Bank of Canada Royal Bank Plaza, headquarters of RBC in Toronto, Ontario, Canada. ...


In 2005 ABN AMRO acquired Banca Antonveneta of Italy, this effectively gave it a fourth home market. Antonveneta had been a cooperation partner for some years and has a similar client base to ABN AMRO. Antonveneta is the 9th largest banking group in Italy in terms of customer loans and the 8th largest in terms of total assets, with 1,000 branches, 10,800 employees and €50bn in assets. ...


In March 2007 ABN AMRO announced that it was bidding US$227mn for a 93.4% stake in Pakistan's Prime Bank, and would tender for the remainder. Prime Bank is Pakistan's 19th largest bank and has 52 billion rupees worth of assets and 41 billion rupees in deposits. It has a network of 69 branches in 25 Pakistani cities. The acquisition, when combined with ABN AMRO's existing operations, would make ABN AMRO the second largest foreign bank in Pakistan (after the Standard Chartered Bank, and put it among the 10 largest banks in the country. Standard Chartered Bank (LSE: STAN, SEHK: 2888) is a British bank headquartered in London with operations in more than fifty countries. ...


Offices

Other investments and sponsors

  • ABN AMRO sponsors AFC Ajax and owns 2.7% of a joint stock share in AS Roma.[7]
  • ABN AMRO sponsors a number of racing sailboats including two entries in the Volvo Ocean Race. On May 18, 2006 one of the crew Hans Horrevoets, 32, died after being swept overboard in high seas. Although the boat turned around and picked him up he never regained consciousness, and died. The ABN AMRO-sponsored "ABN AMRO ONE" won the Volvo Ocean Race 2006
  • ABN AMRO is the founding partner of NEWS, the platform for Dutch students abroad.

Amsterdamsche Football Club Ajax also referred to as AFC Ajax, or simply Ajax is a professional football club from Amsterdam, Netherlands. ... A joint stock company (JSC) is a type of business partnership in which the capital is formed by the individual contributions of a group of shareholders. ... Associazione Sportiva Roma (ISE: IT0001008876) is a major professional football club both in Italy’s Serie A and in European football. ... Volvo Ocean Race 2005 - 2006 logo Volvo Ocean Race (formerly the Whitbread Round the World Race) is a yacht race around the world, held every four years. ... is the 138th day of the year (139th in leap years) in the Gregorian calendar. ... Year 2006 (MMVI) was a common year starting on Sunday of the Gregorian calendar. ... Hans Horrevoets (26 April 1974 – 18 May 2006) was a Dutch sea sailor. ... The NEWS executive board Netherlands Worldwide Students (Dutch: Nederlandse Wereldwijde Studenten), NEWS for short, is a Dutch student organisation based in The Hague. ...

See also

Primary dealers are banks or brokerage firms who may trade directly with the Federal Reserve System. ... Antonveneta logo Antonveneta bank in Genoa - Italy Antonveneta is the 9th largest banking group in Italy in terms of customer loans and the 8th largest in terms of total assets, with 1,000 branches, 10,800 employees and €50bn in assets. ... The European Financial Services Roundtable (EFSR) is a European organization, located in Brussels, Belgium, of financial service companies to provide a voice on policies of the European Union related to financial matters. ...

References

Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 281st day of the year (282nd in leap years) in the Gregorian calendar. ... is the 159th day of the year (160th in leap years) in the Gregorian calendar. ...

External links

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  Results from FactBites:
 
ABN AMRO: Over ABN AMRO (176 words)
ABN AMRO Bank N.V. heeft een bankvergunning van De Nederlandsche Bank N.V. en is opgenomen in het register van de Autoriteit Financiële Markten (AFM).
ABN AMRO Bank N.V. kan optreden als aanbieder van betaal-, spaar- en kredietproducten, als bemiddelaar van verzekerings- en kredietproducten en als aanbieder en/of uitvoerder van effectendiensten.
ABN AMRO Bank N.V. is aangesloten bij de Collectieve Garantie Regeling voor Terugbetaalbare Gelden en Beleggingen.
Welcome to ABN AMRO (235 words)
ABN AMRO announces that the Extraordinary General Meeting of shareholders today confirmed the appointments for the Supervisory and Managing Boards.
ABN AMRO announces today that it will align its financial reporting calendar with that of RBS Group, which reports semi-annually.
ABN AMRO today has published the agenda for the Extraordinary General Meeting of Shareholders, (EGM), to be held on 1 November 2007.
  More results at FactBites »

 
 

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