“Strategy is the first 20%. Execution is the rest”
Interview with our Chief Executive Officer
Marguerite Bérard has outlined clear goals for ABN AMRO. As she reflects on her first year as Chief Executive Officer, she explains her vision for the bank and why it all comes down to execution. “We have an ambitiousstrategy and talented people. Now it’s time to deliver.”
What kind of year was it for you as incoming CEO?
“Personally, I am grateful for the warmth with which I have been welcomed at the bank and in the Netherlands. I found ABN AMRO to have strong brands and people who genuinely care about the bank. It’s a privilege to stand alongside such talented colleagues. 2025 was a successful year with many highlights. Amid profound geopolitical and economic change, we managed to deliver a strong performance.
A major milestone was the launch of our new strategy with clear targets and a solid plan to right-size our cost base, optimise capital allocation and grow profitably. We also shared our five ambitions for 2028 and beyond. We want to strengthen our position in Dutch retail banking. We aim to become a top-five European private bank. We will continue to support family wealth and businesses – the true backbone of the economy. We will support Europe’s autonomy by financing key transitions in digitalisation, energy, mobility and defence. And finally, we will invest to maintain our global top-three position in clearing.”
How do you view the commercial performance of the bank in 2025, and what is next?
“We saw good performances in the areas where we want to grow. As I mentioned, one of our five strategic ambitions is to strengthen the Dutch retail bank’s position, which benefitted from the strong housing market. The bank is increasingly well equipped to handle higher mortgage volumes, also through intermediaries, with shorter turnaround times and more dynamic pricing.
Our intended acquisition of NIBC will give us additional scale and we will further build on our digitalised service model and premium touch client experience. Together, these strengths will help us deepen client relationshipsand accelerate profitable growth.
Demand in the European transition sectors we focus on is growing faster than the broader economy. The energy transition illustrates this shift and is also guiding our sustainability efforts, which are moving from a broad approach to concretely helping clients reduce their CO₂ emissions. Financing of energy, digital and mobility has already increased at Corporate Banking.
Finally, Wealth Management delivered a good year. Market performance contributed, but above all, our teams became more commercially effective: we significantly increased the number of weekly client meetings, improved follow-up, and focused on guiding clients from savings to investment solutions that can create more long-term value. We worked to support family wealth and businesses, and move closer to becoming a top-five European private bank – both ambitions will be accelerated by the integration of Hauck Aufhäuser Lampe in Germany.”
What was the biggest dilemma you faced in your first year?
“To remain competitive and add value for clients and other stakeholders, we need to prioritise. That means identifying what the bank does best, investing in areas of strength and having the discipline to end activities that no longer contribute to our goals. Saying goodbye to long-standing clients and colleagues is never easy. For example, we took the decision to wind down our asset-based finance activities in Germany, the UK and France, to discontinue the Moneyou brand and to sell Alfam.
We also announced a workforce reduction of approximately 20% by 2028. These are difficult decisions. We make them carefully and ensure that we always act transparently and respectfully towards those who are impacted. But holding on to everything simply because it has always been there would not be the right thing to do for the bank.”
What makes you confident the bank can meet its targets for 2028?
“Our strategy is ambitious, yet achievable. All our ambitions and plans are rooted in real business cases from across the bank. Most of our plan relies on things we can control. Moreover, the bank already started delivering in 2025. We walk the talk. That is essential, because strategy is the first 20%. Execution is the rest. We are prioritising profitable growth that is less capital-intensive than in the past, and we have shown good progress in optimising our capital allocation and rightsizing our cost base.
ABN AMRO wants to differentiate itself with a premium touch experience in retail and private banking. Why is this important, and how will clients notice?
“Banking isn’t just about what we offer, it’s also about how we offer it. Clients will experience faster, more efficient and more personalised services that show we understand them and support their goals. It will also involve making smart use of our investments in generative artificial intelligence and other technologies. Last year, for example, we created a GenAI avatar to train contact-centre staff through realistic scenarios, launched our lending assistant Lenny to streamline credit requests, and introduced a voicebot that simplifies credit-card servicing.
Technology helps us to further tailor our propositions, provide advice based on better data insights and deliver digital solutions that make everyday banking smoother. And by scaling our challengers such as Tikkie, BUUT and BUX, we’re strengthening our connection with the next generation of clients. Ultimately, it’s the combination of advanced technology and the expertise of our people that creates the premium touch experience we want to deliver.”
You plan to return more capital to shareholders. What does that mean for other stakeholders?
“Investors are important, but so are all our other stakeholders. During our Capital Markets Day, we announced our intention to return more capital to shareholders. This new capital distribution policy will help us increase our valuation, allowing us to pursue our own path and to continue adding value for our clients, employees and society at large.”
How does global volatility impact Europe's businesses and what role can banks play?
“Europe is facing major geopolitical and economic changes that are testing not only its resilience but also the very values on which it is built: human dignity, democracy and the rule of law. Defending those values requires confidence to invest in Europe’s key transitions. Europe must step up, and banks have a crucial role to play. Banks are the plumbing of the economy. We can direct the flow of capital to transition sectors such as energy, digital resilience, sustainable mobility and defence to help reinforce Europe’s strategic autonomy.”
Supervisory Board Chair Tom de Swaan will be leaving the bank this year. How do you reflect on his role?
“Tom has been an anchor for ABN AMRO during some of the most challenging periods in our recent history, and I am deeply grateful for the way in which he supported me personally during my first year as CEO. Under his chairmanship, the foundations of the bank have been profoundly strengthened. I would like to sincerely thank Tom for his dedication and unwavering commitment to the bank. At the same time, I am looking forward to working with his successor as we lead ABN AMRO into its next phase of growth.”
What is your main priority in 2026?
“Now that we have presented our strategy, our focus is on disciplined execution. Change is not always enjoyable and can become tiring over time. But it’s like working out: you have to stop talking about it and actually get started – running five minutes the first day, ten minutes the next, and so on. As we start delivering, we will prove to ourselves that we can do it and that will build our confidence. We have everything we need to thrive. We have strong roots to grow from: a diversified business model, solid market positions and balanced risk management. We operate in markets with robust fundamentals; we have a strong presence in key transition themes and are well positioned for international growth in clearing and wealth management. Now it’s time to focus our energy, execute on our bold choices and work together to bring our ambitions to life.”
