Finances are a big part of our lives. The greater and more international an individual’s capital, the more complex it is to safeguard and manage. Fluctuating economic conditions and regulations only add to that complexity. ABN AMRO Private Banking offers a wide range of services to help a growing number of high-net-worth individuals both in and outside the Netherlands to meet these challenges.
The differences between Retail and Private Banking
ABN AMRO provides retail banking services to all residents in the Netherlands who meet and continue to comply with its customer requirements. Retail Banking helps its customers (most of whom are private individuals) with specific payment, lending, savings and insurance needs. So does Private Banking, but its focus is on clients whose assets usually equal or exceed €1 million. Another difference is that Private Banking offers a wider range of services, such as personal advice on wealth transfer, philanthropy, family wealth management, corporate investment, international business, and currency and interest rate risk management. To meet its clients’ changing needs, ABN AMRO in the Netherlands plans to expand its private banking services over the course of 2016 to offer them to individuals with assets totalling €500,000 or more.
What is ABN AMRO Private Banking?
Private Banking is one of ABN AMRO’s key activities, both in the Netherlands and throughout the world. ABN AMRO currently offers its private banking services under various brand names in ten countries. Neuflize OBC, for instance, is ABN AMRO’s private banking subsidiary in France, established in 1667. Bethmann Bank is Germany’s third-largest private bank. ABN AMRO MeesPierson is the largest private banking institution in the Netherlands. ABN AMRO Private Banking ranks as the third-largest entity of its kind in the eurozone.
More than 3,600 people worldwide work for ABN AMRO Private Banking, managing a total of more than €200 billion in assets for over 100,000 clients, most of whom are locally based – in other words, Dutch clients in the Netherlands, Belgian clients in Belgium and German clients in Germany.
At certain locations – Singapore, Hong Kong and Guernsey, for example – most of the bank’s clients are of different nationalities, particularly for reasons involving privacy and security, in compliance with all applicable laws and regulations. Clients in all countries undergo a rigorous initial selection and ongoing compliance procedure, one which is employed across the organisation. Regulations on providing information to tax authorities have been extended in recent years. Naturally, ABN AMRO complies with these regulations and is committed to actively upholding them.
ABN AMRO Private Banking’s personal service offering
ABN AMRO Private Banking helps its clients protect and structure their assets, grow them ethically and sustainably and pass them on to future generations. At ABN AMRO, Private Banking means providing targeted solutions which cater for the client’s own personal situation – at every stage in their lives. ABN AMRO Private Banking offers solutions for both their personal and their business financial needs. Its clients have access to their very own Private Banker and, if they wish, an investment adviser. Clients can opt to oversee their own investments themselves (“execution only”), entrust these entirely to the bank’s care (asset management) or manage their investments while benefiting from investment advice from the bank. Depending on their own individual needs, clients may also enlist the services of a team of other specialists.