There is a sense that a corner has been turned at ABN Amro, as its management continues to overhaul the business, making it more sustainable and client-centric. The Dutch bank’s latest quarterly profits were ahead of expectations, along with its asset disposal programme, and it is now discussing share buybacks with its regulator.
ABN Amro was famously the subject of the largest, and arguably worst-timed, takeover in banking history when it was acquired and carved up by the Royal Bank of Scotland (RBS), Fortis and Santander in 2007. Almost immediately, the financial crisis erupted, devastating RBS and Fortis. When the dust had settled, the Dutch remnants of ABN Amro had been bought by the Dutch state, which still has a 56% stake.
