ABN Amro board member resigns after Panama Papers connection

Bert Meerstadt is resigning as member of ABN Amro's supervisory board with immediate effect, following reports that his name was mentioned in the Panama Papers -  11.5 million documents, spreadsheets, emails and other files leaked from Panamanian legal consultancy Mossack Fonseca that form the basis of a worldwide investigation into tax evasion.

On Thursday morning both Trouw and the Financieele Dagblad, the two Dutch newspapers involved in the investigation, reported that Meerstadt is listed as the first shareholder of Morclan Corporation - company on the Virgin Islands founded by Mossack Fonseca in 2001.

"Since the Financieele Dagblad connected my already planned and set into motion departure from ABN Amro to my name in a March 2001 document of a company, I am retiring early today", Meerstadt said in a statement, ANP reports. "I want to prevent the bank experiencing adverse effects. I have intensively and with dedication, along with my colleagues, for more than six years contributed to the growth of the bank and its IPO."

Meerstadt adds that he will not comment substantively on the Panama Papers reports at this time.