Banks in the Netherlands are looking for ways to help their customers through the coronavirus crisis. ABN Amro, ING, Rabobank, and Triodos together decided to give smaller companies with financing up to 2.5 million euros deferral of payment, if they need it and are financially healthy at their core. Payments can be deferred for up to six months, the Dutch association of banks NVB announced on Thursday.
ABN Amro currently has over 2 thousand full time jobs dedicated to the detection of financial crimes like money laundering, CEO Kees van Dijkhuizen said when revealing the bank's quarterly figures. In the fourth quarter of 2019, ABN Amro made 316 million euros in net profit. For all of 2019, the bank's profits amounted to over 2 billion euros.
ABN Amro will not implement negative interest on savings accounts with less than 100 thousand euros in them, the bank promised. The bank's interest rate on savings currently stands at 0.01 percent. It can, theoretically, still drop for zero. But most customers will not have to pay to keep their savings at ABN Amro, NOS reports.
It is "very likely" that fraudsters will target ABN Amro customers in the coming period, after the bank announced that it has to re-check all its existing clients in the fight against money laundering and other financial crimes, according to the Dutch Payments Association.
Dutch central bank DNB ordered ABN Amro to review all its existing retail clients in the fight against financial crimes like money laundering, CEO Kees van Dijkhuizen revealed in a statement released with the bank's second quarter report. ABN Amro made 114 million euros available for this review of existing clients, the CEO said.
ABN Amro is suddenly stepping up its game in the fight against money laundering. The bank is investing 85 million euros into getting its client files in order and is hiring hundreds of new employees to help with this. ABN Amro confirmed that it is in "constant dialogue" with regulator DNB, but would not say if it is trying to avoid fines or other penalties, the Volkskrant reports.
A group of 21 high-level managers at ABN Amro contacted the Dutch supervisors on the financial markets to raise alarm about the lack of leadership at the bank. CEO Kees van Dijkhuizen is not a leader and the bank has basically no strategy, they write in a letter to DNB and AFM. The Ministry of Finance was also warned, NOS reports.
ABN Amro is no longer accepting new customers from the tobacco industry and will no longer be investing in the sector, the bank announced on Wednesday. "The core business of the tobacco industry is not compatible with the core principles of the bank", ABN Amro said in a statement, Trouw reports.
Delta Lloyd's CFO Clifford Abrahams is moving ot ABN Amro. From September he is taking over as ABN Amro's CFO from Alexander Rahusen, who filled the position on an interim basis, the Telegraaf reports.
Before joining Delta Lloyd, Abrahams worked for insurer and asset manager Aviva and business bank Morgan Stanley. ABN Amro praises him for his "strong service" and "extensive experience" in his previous high positions in the financial sector. Abrahams will continue to work on the commpletion of Delta Lloyd's merger with NN Group until he steps over to ABN Amro.
ABN Amro is set to go public on November 20th. Shares will cost between 16 and 20 euros and may eventually bring 18.8 billion euros in for the State.
VVD-leader Halbe Zijlstra is saying that the current tax system needs to be overhauled in favor of simplicity. The party told the cabinet that all allowances must be abolished and transformed into lower taxes. The Tax Administration must focus on the core task: collecting money.