ABN Amro Streamlines Irish Operations, Quits Funds' Listing Service

by Amanda Banks, Tax-news.com, London

28 May 2001

Earlier this month we reported that Ireland could be next in ABN Amro Bank's global downsizing strategy. We can now report that the bank's stockbroking arm has announced plans to quit its funds' listing operations. The news follows the bank's decision to close down its Dublin private client desk just two weeks ago.

According to reports from the Irish media, ABN has no plans to completely pull out of Ireland but the moves are part of a global strategic review which has led the bank to reduce the workforce of its international investment banking business by around 900 jobs globally, and private clients and funds' listing services are not considered by ABN to be the key to the bank's success in Ireland.

ABN Amro has said that by letting go of some of its less profitable operations it can strengthen its presence in other regions and cites Brazil and the US as areas in which the bank intends to expand its interests. To consolidate its goals, ABN has bought the prime brokerage, corporate finance, domestic equities and futures and options businesses of ING Barings in North America. The decision to acquire these business, and to invest in further developing the bank's capabilities in North America, is in line with ABN's wholesale clients strategy to offer a globally integrated corporate and investment banking service for its chosen corporate, financial institution and public sector clients.

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