Board changes

Marguerite Bérard succeeded Robert Swaak as Chief Executive Officer at the Annual General Meeting of Shareholders (AGM) on 23 April 2025. Daniel Hartert was appointed to the Supervisory Board on 11 September 2025, succeeding Arjen Dorland. In November, Chief Operating Officer Ton van Nimwegen announced he would step down on 1 January 2026. On 29 January 2026, Michiel Lap was nominated to succeed Supervisory Board Chair Tom de Swaan, who retires at the AGM on 22 April 2026 after almost eight years. In addition, Jean-Pierre Mustier was nominated for appointment to the Supervisory Board at the AGM, subject to regulatory approval.

New strategy

We presented a new strategic plan for 2026-2028 aimed at delivering profitable growth and enhanced value for all stakeholders. At our Capital Markets Day on 25 November 2025, we outlined three strategic priorities: profitable growth, right-sizing he bank’s cost base and deploying capital where it generates the highest returns. The plan includes a net reduction of the workforce by 5,200 full-time equivalents (FTEs) by 2028 compared with 2024, with half of the reductions expected to occur through attrition. Read more about the strategic plan, our financial targets, and our longterm ambitions in the section Our strategy.

Dutch State stake

The Dutch State reduced its stake in ABN AMRO from 38.5% in 2024 to 27.5% at the end of 2025. In September 2025, the holder of the Dutch State’s stake (NLFI) announced that it aims to further reduce its stake to around 20%. Since NLFI’s stake has fallen below one third, the bank no longer requires NLFI’s approval for investmentsor divestments with a value of more than 10% of the bank’s share capital. NLFI’s approval is also no longer required for the issuance of, or the granting of rights to acquire, shares in the bank. The Dutch State, which acquired the bank in 2008, began reducing its stake following ABN AMRO’s stock market listing in 2015.

NIBC

On 12 November 2025, ABN AMRO reached an agreement with US asset manager Blackstone to acquire NIBC Bank N.V. in The Hague. NIBC specialises in savings products, mortgages and lending for commercial real estate and digital infrastructure. The intended acquisition will add further scale to our Dutch retail banking activities and strengthen our market position in mortgages and savings. We expect the transaction to enhance our profitability. The estimated price is around EUR 960 million, or 0.85 times NIBC’s book value, subject to final adjustments. We aim to complete the acquisition in the second half of 2026, pending regulatory approval.

Hauck Aufhäuser Lampe

We completed the acquisition of Hauck Aufhäuser Lampe (HAL) in July 2025 following regulatory approval. The combination with Bethmann Bank creates a strong top-three player in Germany, with over EUR 70 billion in assets under management and around 2,000 employees across 18 locations in Germany and Luxembourg. We will operate under a two-brand strategy in the region: Bethmann HAL for wealth management and ABN AMRO for corporatebanking. Read more in the interview with HAL CEO Michael Bentlage.

Welcome, BUUT

Our new bank for younger generations, BUUT, was launched in September. The mobile app is designed for teenagers and their parents. It helps young people manage their money with tools like handy pots for saving and payments. The app is simple to use, visually engaging and tailored to the lifestyle of the younger generation. It also offers financial tips from experts, peers and educators, helping parents and teenagers learn about money together.

Mortgages

We maintained our share of new Dutch residential mortgages at 19% in 2025. Changes we made to our mortgage conditions had a positive effect, especially in attracting new clients applying through intermediaries. For example, we now automatically reduce the risk premium as clients repay their mortgage. The premium is reviewed every month, rather than only at the end of a fixed interest-rate period as was previously the case.

Share buyback

In September, we completed our fourth share buyback. Under the EUR 250 million programme, almost 10 million shares were purchased at an average price of EUR 25.39. Since the start of the first share buyback programme in 2022, almost 117 million shares have been repurchased.

Investing in CO₂ reduction

Our Sustainable Impact Fund (SIF) led the majority of an investment round in Converge, a British developer of technology to reduce carbon emissions from concrete production, that totalled GBP 17 million. Concrete production accounts for about 8% of global carbon emissions, making it a key focus for decarbonisation. Through AI, sensors and software-as-a-service, Converge helps contractors make faster, data-driven decisions, reduce embodied carbon and minimise resource waste. You can read more in the Performance on our strategy chapter.