ABN AMRO: Choy van der Hooft-Cheong becomes new chair of Talent naar de Top
On 1 April 2023, Choy van der Hooft-Cheong is taking over from Mariëtte Turkenburg as Chair of the board of Stichting Talent naar de Top (Talent to the Top Foundation). On the same date, Ara Heuvel will take office as the new director.
Choy van der Hooft-Cheong, Chief Commercial Officer Wealth Management at ABN AMRO: “Equal opportunities for all is a key driver at ABN AMRO. I believe everyone is entitled to the same opportunities, regardless of background, beliefs or preferences. At the top, too, it’s important that everyone feels seen, heard and valued. As Chair of the board at Talent naar de Top I’m looking forward to actively promoting inclusiveness in the highest levels of the corporate world.”
Ara Heuvel is a former professional footballer. His interest in politics later led him to head the list of candidates for the Dutch Labour Party, PvdA, in Amsterdam Zuidoost. He also has experience as a strategic advisor and entrepreneur. Ara: “I have no problem with wealth, but with poverty. Sometimes, creating equal opportunities means investing unequally so we’re all starting on the same level.”
Under the joint leadership of Yelly Weidenaar and Mariëtte Turkenburg, many important milestones have already been achieved. Since 2008, a target percentage has been encouraging companies to increase the proportion of women on boards. In 2019, cultural diversity was added and incorporated in the cross-company annual programmes focused on mentoring and sponsorship. And the impact – sustainable organisational change among clients – has been solidified with strategic advice and in-house training. The network of members that have signed up, known as the “vanguard”, now consists of 200+ companies that are performing demonstrably better than non-members. The Talent naar de Top method was adopted by Dutch law in 2022.
Talent naar de Top has blossomed into a leading organisation with a wide range of services helping companies from A to Z in their journey to inclusion. The foundation has a proven track record of not just putting boardroom diversity and inclusion on the agenda of the business world, but actually improving them too.
The news of the management and board change was festively announced during the annual Summit Breakfast on International Women’s Day. Traditionally, this recurring event takes place on International Women’s Day at The Grand in Amsterdam, this year attended by Robbert Dijkgraaf, Dutch Minister of Education, Culture and Science, and Karien van Gennip, Minister of Social Affairs and Employment.
ABN AMRO appoints Ferdinand Vaandrager as interim CFO from 1 May 2023
ABN AMRO Bank NV is pleased to announce the appointment of Ferdinand Vaandrager as its interim Chief Financial Officer (CFO) effective from 1 May 2023. The appointment is subject to regulatory approval. Ferdinand Vaandrager will replace Lars Kramer, who will be stepping down to pursue another career opportunity outside ABN AMRO.
Ferdinand Vaandrager has extensive experience in the financial industry, having worked in banking for more than 25 years, both in the UK and the Netherlands. At present, Ferdinand Vaandrager is head of Investor Relations. Before that he held various commercial leadership positions with a particular expertise in corporate and institutional banking and financial markets at ABN AMRO, Royal Bank of Scotland and Citigroup. Ferdinand Vaandrager holds a master’s degree in business economics from the Erasmus University Rotterdam.
ABN AMRO CEO Robert Swaak: ‘Ferdinand has been with ABN AMRO for almost 15 years. He is a unifying and energetic leader who has demonstrated astrong commitment to the strategy and financial performance of the bank in his current role as head of Investor Relations. Moreover, he has shown great talent in balancing the interests of all our primary stakeholder groups. I am convinced that as our interim CFO he will be instrumental in the delivery of our strategy execution, while promoting operational excellence and delivering on our promises to our clients and other stakeholders.’
ABN Amro: Υπετριπλάσια των εκτιμήσεων κέρδη το τελευταίο τρίμηνο του 2022
Η κατά βάση κρατική τράπεζα ABN, μία από τις τρεις με δεσπόζουσα θέση στην Ολλανδία, δήλωσε ότι θα επαναγοράσει μετοχές της αξίας 500 εκατ. ευρώ στο πρώτο εξάμηνο του 2023, έπειτα από τα καθαρά κέρδη 354 εκατ. ευρώ που κατέγραψε τους τελευταίους τρεις μήνες του 2022.
Η κερδοφορία της υποχώρησε σημαντικά μεν από τα 552 εκατ. ευρώ κατά το ίδιο διάστημα ένα χρόνο νωρίτερα, αλλά ήταν υπερτριπλάσια των 105 εκατ. που προέβλεπαν οι αναλυτές σε δημοσκόπηση που είχε διενεργήσει η τράπεζα.
«Η υπέρβαση των εκτιμήσεων είναι υψηλής ποιότητας, καθώς οφείλεται στα ισχυρότερα καθαρά έσοδα από τόκους (10% περισσότερο των προβλέψεων) και στο χαμηλότερο κόστος», αναφέρουν σε σημείωμα οι αναλυτές της Jefferies.
Ο τίτλος της ABN Amro ενισχύθηκε κατά περισσότερο από 7% μετά την ανακοίνωση των μεγεθών της και διαπραγματεύεται σε υψηλό άνω της τριετίας στα 15,65 ευρώ.
Σημειώνεται ότι οι απομειώσεις της τράπεζας ήταν μειωμένες κατά 74% σε ετήσια βάση, στα 32 εκατ. ευρώ, καθώς η οικονομική ανάπτυξη στην Ευρώπη διατηρήθηκε ισχυρότερη από ό,τι αναμενόταν παρά τον ραγδαίο πληθωρισμό.
Μετά τη διάσωσή της από το ολλανδικό κράτος το 2008, η ABN έχει επικεντρώσει εκ νέου τις δραστηριότητες και τον προσανατολισμό της στην ολλανδική αγορά, περικόπτοντας χιλιάδες θέσεις εργασίας.
Η ABN Amro ιδιωτικοποιήθηκε ξανά το 2015, αλλά το ολλανδικό κράτος εξακολουθεί να κατέχει το 56% των μετοχών και δεν έχει προβεί σε πωλήσεις τους από τον Σεπτέμβριο του 2017.
Όπως ενημέρωσε μάλιστα η τράπεζα, το ολλανδικό κράτος θα συμμετάσχει και στο νέο πρόγραμμα επαναγοράς κατόπιν έγκρισης της ΕΚΤ, διατηρώντας στο ίδιο επίπεδο το ποσοστό του.
ABN AMRO reports net profit of EUR 1,867 million for FY2022 and announces share buyback
ABN AMRO reports net profit of EUR 1,867 million for FY2022 and announces share buyback
Highlights of the quarter
Strong finish to the year with a net profit of EUR 354 million in Q4, reflecting higher interest rates and low risk costs
Good result in 2022, with a net profit of EUR 1,867 million and an ROE of 8.7%; all client units delivered better results
NII strong as deposit margins continued to benefit from higher interest rates; impact of higher rates expected to gradually level off
Underlying costs 2% lower than in Q3; full-year costs 2023 expected around EUR 5.3 billion as inflation and higher investments delay the impact of savings programmes
Credit quality remains solid. Impairments in Q4 were EUR 32 million, as additions for individual clients were partly offset by releases from macroeconomic scenarios
Capital position remains strong, with a fully-loaded Basel III CET1 ratio of 15.2% and a Basel IV CET1 ratio of around 16%
Final dividend of EUR 0.67 per share; EUR 500 million share buyback programme announced, superseding the conditional share buyback permission announced in Q2
European economy more resilient than expected but we are cautious and prudent buffers remain in place. Our strong capital position enables us to support our clients in this challenging environment
Steady progress in strategy execution; 2023 will be a year of delivery as we continue our transformation to becoming a personal bank in the digital age
Robert Swaak, CEO:
‘Our fourth quarter was a strong finish to a year in which we delivered a good financial result and made steady progress on the execution of our strategy. The current environment confirms our strategic choices as we benefit from our improved risk profile. The financial results for 2022 were marked by the normalisation of the interest rate environment and low impairments, while fee income increased by 7%. Our return on equity (‘ROE’) for 2022 was 8.7%. In a challenging environment all client units delivered better results. We executed our inaugural share buyback and maintained strict cost discipline. We transformed the business into three client units, published our climate strategy and were market leader in mortgages. The CIB non-core wind-down has almost been completed. And we made good progress on our AML remediation programmes, which we expect to finalise in 2023. In the past year the transformation influenced our NPS and employee engagement scores and we need to improve client and employee satisfaction. Culture remains my main priority in order to do better on execution. 2023 will be a year of delivery as we continue our transition to becoming a personal bank in the digital age. To further strengthen strategy execution and accelerate the transformation, we will appoint a Chief Operating Officer who will be responsible for operational performance.
In 2022 society and the bank once again demonstrated resilience in a challenging environment. We were faced with a new set of circumstances such as the war in Ukraine, rising energy prices and inflation. Combined with climate change and the aftermath of Covid, this is causing high levels of uncertainty with a large social impact. In line with our purpose, ‘Banking for better, for generations to come’, we aim to make a positive impact, working together with our clients to tackle the challenges of our times. We are pleased that our strong capital position allows us to be there for our clients in a world where economic, climate, health, geopolitical and other crises are converging and increasingly interconnected.
The European economy is proving more resilient than expected, but we still expect slower growth due to continued elevated energy prices and inflation levels. We remain cautious about the longer-term effects of inflation. In the Netherlands higher interest rates will continue to put pressure on the housing market, but excess savings post-Covid and a still very strong labour market are dampening the impact of inflation. Competition in the mortgage market was strong and our market share for the fourth quarter was 16%. Our mortgage portfolio increased by EUR 0.3 billion in the fourth quarter. Momentum in the corporate loan book remains positive, especially in our focus sectors digital, mobility and new energy. The decrease of EUR 2.8 billion was mainly driven by TLTRO-funded loan repayments and foreign exchange effects. Net new assets at Wealth Management increased by EUR 0.8 billion.
Net profit in Q4 was EUR 354 million, reflecting strong net interest income (‘NII’) growth, an incidental related to the change in TLTRO terms and low impairments. The resulting ROE was 6.4%. NII in Q4 was EUR 1,564 million as deposit margins continued to improve in the higher interest rate environment. Costs in the fourth quarter came down by 2% (excluding incidentals and regulatory levies) mainly due to lower staff costs. The total number of FTEs decreased by more than 7% in 2022, the reduction consisting mainly of external FTEs. Costs in 2022 totalled EUR 5.4 billion, reflecting our focus on cost discipline. We are working hard to reach our cost target of EUR 4.7 billion in 2024, though this has become more challenging in the current environment. Credit quality remains solid, with impairments in Q4 of EUR 32 million as additions for individual clients were partly offset by releases from macroeconomic scenarios. Cost of risk for the full year was 3 basis points. We remain cautious and continue to stay close to our clients, while prudent buffers remain in place.
Our capital position remains very strong, with a fully-loaded Basel III CET1 ratio of 15.2% and a Basel IV CET1 ratio of around 16%. In line with our capital framework, we propose a final cash dividend equivalent to EUR 0.67 per share. In addition, we have announced a share buyback of EUR 500 million, superseding the conditional share buyback announced in Q2. Our strong capital position enables us to consider further share buybacks. We are aiming for a gradual reduction of capital over time, in constructive dialogue with our regulator.
We are a personal bank in the digital age, with our strategic pillars – customer experience, sustainability and future-proof bank – as our guiding principles. We deliver a convenient banking experience and at moments that matter we support our clients with sector and sustainability expertise. To improve the customer experience, we continually develop new propositions for our clients. Tikkie is being used by a growing number of corporate clients as we launched a new app ‘Tikkie Zakelijk’, to allow companies to create and send Tikkies for business use. In the last quarter we were the first bank in Europe to register an innovative digital bond on a public blockchain, providing SMEs access to leveraged financing. We now also offer our corporate clients financing and installation of solar panels as a package, supporting our clients in reducing their energy bills with less hassle.
As we continue to further integrate sustainability into the bank, we published our climate strategy, and joined the Net-Zero Banking Alliance in December. Climate change, together with the associated social impact, is one of the biggest challenges of our time and we are committed to making a difference. In line with our purpose, we strive to achieve a responsible and just transition that is socially inclusive and respects human rights. Our climate strategy is a plan of action designed to achieve our goal of bringing our portfolios into line with limiting global warming to a 1.5°C scenario and supporting the transition to a net zero economy by 2050. We have set intermediate targets for 2030 for five sectors and will communicate targets for other sectors in 2023.
We are building a future proof bank and all daily banking products are now available remotely; clients no longer need to visit a branch. In the Netherlands we now operate with 27 branches. Following the popularity of video banking for mortgages, over 70% of daily banking is now conducted through video banking as clients are increasingly getting used to working with their bank by online appointment. Digital banking is not accessible to everyone, as also demonstrated by recent research by the Dutch central bank (DNB). Our financial coaches remain available for vulnerable groups of clients who need help keeping up with online banking and we will investigate how we can support these groups even better. As a personal bank we strengthen relationships by proactively reaching out to clients, for example mortgage clients at lifecycle moments. And our budget coaches call clients who are facing financial hardship due to the high energy and food prices to lend them a helping hand.
I want to thank Lars Kramer for his leadership and hard work. He has contributed to the execution of our strategy and to the constructive relationship with our shareholders and other major stakeholders. Our staff once again faced a lot of uncertainty and change, both professionally and personally, while working ceaselessly to offer our clients consistent service. While we continue to work on coming together as one bank and on further changing the bank, I am proud of our staff, as they consistently prioritise the interests of our clients. These past few years have clearly brought out the best in our people.
Our clients continued to put their trust in us throughout the year. We aim to keep learning how we can do better for them. Discipline and focus on execution and delivery help us to continuously improve every year. My main driver, like that of my colleagues, is to live up to the trust our clients and society extend to us.’
ABN AMRO intends to appoint Carsten Bittner as Chief Innovation & Technology Officer
The Supervisory Board of ABN AMRO intends to appoint Carsten Bittner (Lippstadt, Germany 1971) as Chief Innovation & Technology Officer (CI&TO) and member of the Executive Board (ExBo) for a period of four years as of 1 January 2023, subject to approval by the European Central Bank (ECB). ABN AMRO will convene an extraordinary general meeting to introduce Carsten Bittner prior to his actual appointment.
Carsten Bittner is currently Chief Technology Officer at Commerzbank AG. Before joining Commerzbank, he held various management positions at international media and services group Bertelsmann SE & Co. KGaA and Accenture.
ABN AMRO CEO Robert Swaak: ‘I am very much looking forward to the arrival of Carsten Bittner. Carsten is an authority on IT and innovation strategy and has a strong track record as a leader in complex commercial organisations in change. He will be central to ABN AMRO’s strategy to become a personal bank in a digital age with a strong focus on our clients.’
Carsten Bittner holds German nationality, is married and has two children. He holds a PhD as an economist from the University of Karlsruhe.
Achmea and ABN AMRO complete acquisition of ABN AMRO Pensioeninstelling NV
Achmea and ABN AMRO have completed the acquisition of ABN AMRO PPI, which was announced in May. This means that the PPI is now part of Achmea. The transaction has been approved by the supervisory authorities and the works councils have issued positive advice. The 24 employees of the PPI will move to Achmea. The PPI will operate under the new name Centraal Beheer PPI.
This acquisition gives Achmea an entrance into the Premium Pension Institution (PPI) market and enables the financial services provider to respond to the opportunities offered by the Pension Agreement. Achmea’s ambition is to expand the PPI further over the next few years using Achmea’s comprehensive distribution network and by working closely with the professional pensions advisory market. The focus will be on employers who wish to offer their employees a defined contribution (DC) pension scheme. Under the new name Centraal Beheer PPI, services to existing customers will be continued and further optimised. In addition, Achmea expects to attract and retain new employers with its improved offer.
ABN AMRO PPI has been administering DC pension schemes since 2012 and as Centraal Beheer PPI currently has approximately 955 employers and approximately 190,000 members from the SME and major corporate markets as its clients. Assets under management total approximately €3.5 billion. The transaction is expected to deliver a modest book profit for ABN AMRO.
Decisions of ABN AMRO’s General Meeting
ABN AMRO Bank N.V. yesterday held its annual General Meeting. At this meeting, 81.52% of the total issued share capital and a corresponding share of total voting rights were represented.
The General Meeting adopted ABN AMRO’s audited 2021 financial statements. The dividend policy, the remuneration report and the proposal to issue and buy back shares were approved. The Executive and Supervisory Board members were discharged for the performance of their duties in 2021. Tom de Swaan was reappointed as a member and subsequently as Chairman of the Supervisory Board. Sarah Russell was newly appointed as a member of this board.
Refugees, including Ukrainians, can start work at ABN AMRO
ABN AMRO is going to offer 60 status holders a job over the next three years. This concerns twenty jobs per year, also including coaching and training. This promise was made on Friday April 8 at the Second Dutch Business Summit on Refugees in Circl, a meeting devoted to aid for refugees. In addition, extra workplaces are being sought for Ukrainian refugees.
Every three years, the ‘Tent Partnership for Refugees’ organises a summit to mobilise the global business community to take in status holders (refugees with a residence permit). The non-profit organisation has been doing this since 2016. It has grown into a global network of more than 200 large companies. Through work, the integration and independence of refugees receive a major boost.
The First Dutch Business Summit on Refugees was held in 2019. This meeting has already led to 16 companies helping over 13,000 refugees enter the job market through training, mentorship and direct employment. At the time, ABN AMRO also made commitments to offer refugees a job. Since then, the bank has helped 80 refugees find work, through its Reboot-programme.
Last Friday 8 April, Circl was the place where Second Dutch Business Summit on Refugees was held. ABN AMRO co-hosted the event together with FrieslandCampina, Randstad and TenneT. New commitments have been made during this meeting. In addition to the promise of offering status holders a job, ABN AMRO will offer refugee entrepreneurs the opportunity to pitch ideas to its Private Banking clients at the Money Moves Forward event, in hopes of securing funding, mentorship, or coaching support.
Ukrainians are welcome
In addition, the Tent Partnership for Refugees published a statement of solidarity in support of refugees from Ukraine on 22 March. ABN AMRO has also signed this statement. As a result of an emergency regulation submitted to the Council of State to help Ukrainians find work, it is now possible for Ukrainian refugees to work in the Netherlands for one year on the basis of a Ukrainian passport. Of course, they are also more than welcome at ABN AMRO. Ukrainians can apply through open application for the Reboot-programme via werkenbijabnamro.nl.
The Reboot-programme is for all people with a refugee background, from Ukraine or from other countries. Since refugees from Ukraine do not have to apply for asylum, they are not officially status holders and we do not count them in the twenty placements per year. All Rebooters with an Ukrainian background will be added extra to this number. Also read a publication here from the Economic Bureau on Ukrainian refugees (Dutch only).
In the Reboot-programme ABN AMRO offers all Ukrainians, as all refugees from other countries, guidance and coaching in addition to a job. From learning Dutch to intercultural communication and personal development: we do everything in our power to turn intercultural differences in the workplace into an added value.
Equal opportunitie
ABN AMRO makes this pledge as we are committed to equal opportunities for all. We believe that everyone, regardless of their background, beliefs or preferences, has the right to equal opportunities. Unfortunately, a fair chance on the labour market is not yet a given to status holders. That is why ABN AMRO has promised to once again take on 60 status holders over the next three years. This gives them the chance to become financially independent, which is vital for building a stable future.
Photograph courtesy of Refugee Talent Hub
ABN AMRO CI&TO Christian Bornfeld to step down on 1 May 2022
ABN AMRO Bank N.V. has announced that its Chief Innovation & Technology Officer (CI&TO), Christian Bornfeld, has decided to leave ABN AMRO on 1 May 2022. Christian has accepted a position closer to his home and family in Denmark. The process of finding a new CI&TO has been initiated.
Robert Swaak, CEO of ABN AMRO:
“I want to sincerely thank Christian for his vision and leadership and the tremendous work he has done for ABN AMRO in the past four years. It is with great regret that we will see him go, but I fully respect his desire to work closer to his home and family in Denmark. Until 1 May, Christian will be fully committed to ABN AMRO. He has been a driving force for the bank in recent years, as one of the architects of our current strategy and of our ambition to serve our clients as a personal bank in the digital age. Christian has been instrumental in future-proofing the bank’s IT landscape and our way of working and in reinforcing our bank- wide KYC capabilities and activities. His knowledge, skills and companionship will be sorely missed. I wish Christian every success and happiness in his new job.”
Christian Bornfeld, CI&TO:
“It is with mixed emotions that I will be saying goodbye in a few months. I have immensely enjoyed working with all my colleagues at ABN AMRO and would like to thank them for that. The passion, professionalism and expertise at ABN AMRO are exceptional. At the same time, I’m excited about this new opportunity, which will allow me to work closer to my family in Denmark. So when this opportunity arose, I decided, together with my family, to return to Denmark. I have a lot of respect for Robert and my colleagues in the Executive Board. I firmly believe in the current strategy and in ABN AMRO’s ability to be successful as a personal bank in the digital age. I’ll be following the bank’s progress closely for years to come.”
Jorissa Neutelings ABN AMRO’s new Chief Digital Officer
On December 1, Jorissa Neutelings was appointed as the new Chief Digital Officer at ABN AMRO.
Neutelings is taking over from Frank Verkerk, who led the digital branch of the bank since January 2019.
With her extensive experience in the field of innovation and digitization, in combination with business development, Neutelings will focus on further implementing ‘a personal bank in a digital age’.