ABN AMRO is looking to beef up its presence in Asia by expanding its activities in three key areas: private banking, clearing and ECT (Energy, Commodities & Transportation).
The bank announced its plans during a press conference in Singapore.
CEO Gerrit Zalm, one of the speakers at the conference, explains: "Asia is a strategically important region for us and our clients. So our plans to expand our operations in Asia dovetail perfectly with our international strategy, which involves supporting our Dutch clients in their international activities and expanding our global franchises in our three key areas."
ABN AMRO has obtained approval from the China Banking Regulatory Commission to open an office in Shanghai, which is expected to be up and running in early 2012. Alongside the existing office in Singapore, this will be the bank’s second office in Asia. ABN AMRO aims to capture a similar position in Asia as it has in Europe, where it is the seventh largest private bank.