ABN AMRO and RBS have signed a Partner Bank Agreement that will continue to provide international transaction banking services for new and existing clients of ABN AMRO through RBS' global network.
With this important milestone, the new ABN AMRO that will be formed after the legal separation of ABN AMRO assets to the Consortium partners later this year, will be able to continue offering its clients the products and services they currently use. RBS will benefit from significant transaction volume from this important client over the 3-year tenor of the agreement.
Brian Stevenson, Chief Executive, Global Transaction Services at RBS, said: "RBS has successfully implemented partner bank solutions in the past and we are delighted to have signed this agreement with ABN AMRO, opening up our unrivalled international network to a valued client."
Maarten Mol, Head of Transaction Banking at ABN AMRO added: "through this agreement we can still offer our clients a very strong international proposition. The broad knowledge and expertise of our staff and our full service domestic offering in the Netherlands is now complemented with the international network and products that our clients are already used to."
Some of the key elements of the agreement are:
The new ABN AMRO gains access to the international transaction banking network of RBS. Clients of the new ABN AMRO will enjoy the benefits of the RBS international network in much the same way as RBS clients. ABN AMRO will be the primary contact for the clients for sales, implementation and support. Clients will enjoy a range of products and services - accounts, payments and collections, liquidity management and payment channels - throughout the RBS network, providing continuity of service to them. Clients can use a single Electronic Banking application – the ABN AMRO version of Access Online – to manage their accounts with both banks. The banks have already begun to cooperate in the spirit of the agreement, which will take effect later this year, coinciding with the plans for RBS and the new ABN AMRO to become legally separate.
For further information, please contact
ABN AMRO Press office
+31 20 6288900