Dozens of new laws, rules, and regulations went into effect in the Netherlands at the stroke of midnight on Tuesday. Among them, a cut to the 30-percent ruling, new income tax credits, mortgage caps, a sales tax increase, expanded childcare subsides, and more rights for cities to seize homes related to the illegal drugs trade.
ING Netherlands announced its appointment of Vincent van den Boogert as its new CEO. He takes over for Nick Jue, who was named CEO of ING’s Germany operations, pending regulatory approval there.
Boogert, 46, is currently on the bank’s board, overseeing customer interfacing at the Dutch bank. He is a long-time veteran at the bank, having started there in 1995. He has worked for the bank in a variety of management roles in the Netherlands and Turkey.
ABN Amro and ING are among the best performing banks in Europe, standing at number 2 and 3 on the "profit as a percentage of equity" ranking. Only the Belgian bank KBC performed better and got the first position, Financieele Dagblad reports.
NN Group made a 2.4 billion euro offer to acquire smaller rival insurer Delta Lloyd, the largest insurer in the Dutch market announced on Wednesday. The bid was sent to Delta Lloyd on Monday
Queen Máxima was named to Time Magazine’s Most Influential People list for 2016. The Argentine-born 44-year-old is the only Dutch citizen on this year’s ranking.
A federal court in New York sentenced two former Rabobank employees to prison for their roles in manipulating the Libor, an estimated interest rate that serves as a benchmark for financial lenders around the world. The Dutch banks’s former finance executive, Anthony Allen, was handed a two-year prison sentence, with trader Anthony Conti being sent to prison for a year.
Dutch bank ABN Amro is lowering the cost of many of its consumer products by up to 60 percent, the company announced in a statement on Friday. The discount will be given to new clients, and also to existing customer accounts.
Triodos bank saw a massive profit increase of 35 percent last year. The bank's clients increased by 15 percent, which means it had to put less money aside for bad loans
Compared to the United States, Europe is always ahead in terms of adopting the latest payment and financial technologies. In 2014, The Guardian reported that America is ‘a decade behind Europe’ in terms of adopting the chip and pin cards that have reduced data theft, due to the former’s strict regulatory rules. Today, European countries, especially the Netherlands, are keen to adopt the latest fintech.
Higher prices are expected to be passed on to end consumers as the continued appreciation of the dollar is expected to increase the purchasing prices of clothes and shoes for fashion shops. Dutch bank ABM ABRO’s economist Sonny Duijn says that consumers shopping for particular clothes will pay roughly five to ten percent higher prices.
Dutch bank ING is accused of enabling 123 million euros of money laundering, channelling the flow of funds into companies in tax havens such as the Virgin Islands, reported Volkskrant.nl. Statements made by financier Sam van Doorn, 71, says that ING was repeatedly warned about the shady business practices going on there.
The Dutch government has approved the sale of the nationalized bank ABN Amro, taken over by the Netherlands in October 2008 during the global economic crisis. The cabinet gave the go ahead on Friday, according to broadcaster NOS.
Cuban-American brothers Alfredo and Gustavo Villodo filed a lawsuit in the United States worth between 1.7 and five billion dollars against ING for not complying with the economic sanctions against Cuba, reports NOS.
ING bank reported a net result of 1.18 billion for the first quarter of 2015. This is a 43 percent improvement on the result from a year ago, and more than double the amount earned in the fourth quarter of 2014. Including the performance of the insurance branch, ING showed a net result of 1.77 billion in the first quarter.
Triodos Bank may refuse opening an account for Proud, an association of sex workers, wrote Finance Minister Jeroen Dijsselbloem to parliament on Thursday. The bank gave sufficient reason in denying the organization access to its services, according to the minister.
Insurance giant Nationale-Nederlanden (NN) is dismissing its temporary workers in expectation of the new job security law, according to Volkskrant. The law that comes into force July 1 will provide greater job security to temporary employees. Previous incident of supposed law circumvention involved one of the largest Dutch banks, ING.
Minister of Finance Jeroen Dijsselbloem said he considered firing ABN Amro CEO Gerrit Zalm because he wanted to increase salaries of six co-directors, reports AD. He decided against it after concluding the bank would stick to its earlier action plan, approved by Parliament and the Finance Ministry, Dijsselbloem said Thursday in a session with MPs.
The Chief Financial and Risk Officer of Rabobank, Bert Bruggink, is stepping down from the board of directors of the bank once his position is split into two separate roles. The Board of Directors will initiate recruitment procedures for the newly formed positions of Chief Financial Officer and Chief Risk Officer in the near future, Rabobank said in a statement.
George Möller resigned overnight from the Netherlands Authority for the Financial Markets, the regulator announced in a statement. The 67-year-old was Chairman of the Supervisory Board at the AFM since New Year’s Day, 2010.
New legislation that would put a restrictive cap on the amount of cash bankers may collect in bonuses missed its proposed January 1 start date when last minute questions were asked by senators of coalition leader VVD. The law was previously lauded by coalition partner PvdA, the Dutch labour party, which has been at odds with the VVD after a health care bill failed to pass a Senate vote.
All Dutch customers who invested in Icesave are to be refunded in full, the bank said last week. The online subsidiary of failed national Icelandic bank Landsbanki had offered Dutch customers five percent interest rates on savings, much higher than what was available in the Netherlands at that time, before going belly-up in 2008.
The Netherlands earned a profit of 1.3 billion euro on a bank lending scheme introduced at the height of the financial crisis to keep the economy moving. In October 2008 the Dutch government introduced a 200 billion euro guarantee scheme for banks to continue offering medium-term debt and make it safer to lend to each other.
At least 118 arrests have been made in connection with a global investigation aimed at ending the fraudulent purchase of airline tickets. Arrests came via the Global Airport Action, an alliance formed by centers at Europol in The Hague, Interpol in Singapore and Ameripol in Bogota. Several of those arrested were in the Netherlands.