Ending relations with retail clients residing outside Europe
- Products and services
Starting late November, around 15,000 out of a total of some 5 million retail clients will be receiving a Bankmail message or letter requesting them to stop banking with ABN AMRO or to cease using some of our services. The clients in question reside permanently outside the European Economic Area (EEA) and make use of banking services in the Netherlands. This does therefore not apply to expats.
In the retail sector, ABN AMRO is a Dutch bank that mainly serves Dutch and European clients. As relevant laws and regulations grow in number and complexity, offering our services to clients residing outside the EEA entails more and more risks and additional costs. This is not in line with the bank’s strategy to maintain a moderate risk profile.
Although the bank regrets doing so, it will be requesting some of its international clients residing outside the EEA to transfer their banking affairs to a different bank. These clients will be given ample time (six months) to do this. It goes without saying that clients will be welcome to contact the bank. ABN AMRO sincerely regrets that this decision means ending relations with a number of its clients.