ABN Amro gain hits €1.2bn, designs share obtain-back again programme

Coffeeshops with accounts with ABN will pay back €110 a month from January.

ABN Amro lender booked net earnings of €1.2bn very last 12 months and has declared a €500m share purchase back programme, substantially of which will go to the Dutch condition.

The point out still owns 56% of the bank, which was nationalised in 2008 in the wake of an abortive takeover at a price tag of virtually €17bn.

The decision to acquire back shares is a ‘fully liable one’, provided the fiscal buffers the lender has designed up, chief executive Robert Swaak stated in a press statement.

Finance minister Sigrid Kaag wishes to cut down the state’s stake in ABN Amro but no timetable has yet been established. The final time the state divested shares was in 2017.

The financial institution is also planning to near more branches as its shift to digital-only companies will increase but did not say how numerous offices will be shut.

The bank explained in 2020 it prepared to reduce its international workforce by 15% by 2024.

From the 3rd quarter of this year, purchasers will be able to make cardless cash withdrawals and open up a joint account digitally. The financial institution has also doubled the selection of fiscal coaches readily available to consumers who will need aid with digital banking units, Swaak stated.

The 2021 figures are strongly impacted by just one-off merchandise. The bank bought its Amsterdam headquarters for €327m past yr, but this was offset by a €480m out of court docket settlement for bad income laundering controls. ABN Amro also set apart €250m to compensate consumers who paid way too considerably interest on loans, escalating this later on in the year to €340m.

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