As part of a new global strategy ABN Amro has decided to retreat from markets that have not met its profitability goals. Already the Dutch banking giant has sold the majority of its shares in operations in the Netherlands Antilles and Aruba to leading Caribbean financial services group, RBTT Financial Holdings Ltd, and a statement was released this week announcing the bank's intentions to review its equities operations in Ireland.
A spokesperson confirmed that, to date, ABN Amro has reduced its international investment banking business' workforce by cutting more than 500 jobs, saying 'ABN Amro's equities operations are currently under review globally and the implications of this plan are currently being assessed as they affect ABN Amro's equities operations in Ireland.'
In March this year we reported on ABN Amro's sale of certain operations in the Netherlands Antilles and Aruba. At the time, Hans Advocaat, Regional Manager for ABN Amro Netherlands Antilles, Suriname and Aruba, said: 'This strategic step is in line with the global restructuring process ABN Amro is currently undertaking to increase shareholder value.' But it didn't stop there as ABN Amro has also declared the iminent closure of its Argentine brokerage, ABN Amro Securities Argentina. Further plans are afoot to pull out of Bolivia, Ecuador and Surinam this year.
The bank says that by letting go of some of its less profitable operations it can strenthen 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 Amro bought the prime brokerage, corporate finance, domestic equities and futures and options businesses of ING Barings in North America. The decision to acquire these businesses - and to invest in further developing the bank's capabilities in North America - is in line with ABN Amro'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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