EC Private Banking measure

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In April 2011 the European Commission (EC) approved the Dutch State’s support package for ABN AMRO, subject to a number of conditions designed to offset any competitive advantage offered by the state aid.

For further information about the EC measures, see the press release of 6 April.

Transfer of investment portfolios free of charge
One of the EC measures requires that ABN AMRO offers its Private Banking clients the possibility to end the relationship and to transfer their investment portfolios to another bank free of charge within a period of two months. If they switch banks within this period, ABN AMRO MeesPierson will pay the bank’s own administration charges as well as the switching costs and any transaction charges that are a direct result of transferring the portfolio. ABN AMRO MeesPierson clients will receive a letter to this effect at the end of July. With this condition all EC measures are known.

Client relationships inspire confidence
Frans van Lanschot, Director of ABN AMRO MeesPierson, commented: “We invest a great deal of time and energy in establishing fruitful and long-standing relationships with our clients, and I’m happy to say that this is reflected in our six-monthly customer satisfaction surveys. These surveys have shown a structural improvement in recent years, despite the turbulent market conditions. We are continually improving our services in response to customer feedback and have every confidence that our customers recognise this and will continue to entrust their investments to ABN AMRO MeesPierson.”

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