ABN AMRO has changed its rating for bonds from emerging markets to underweight. The reason for this downgrade to ‘sell’ is that these bonds are now trading for as much as they were before the US elections last November, while the risks for emerging markets have increased sharply as a result of the new US President’s policy actions.
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.
Earlier today credit card company ICS announced that it is in talks with the Netherlands Authority for the Financial Markets (‘AFM’). ICS contacted the AFM to discuss a number of issues, including mistakes with credit limits and past failures in ICS’s internal processes and IT systems.
ABN AMRO has stepped up its Commercial Finance effort with the appointment of Pierre Vinci. Pierre Vinci will join the London office of ABN AMRO in the newly created role of UK Head of Corporate & International Origination. In this position he will become part of the ABN AMRO Commercial Finance International Clients team managed by Arjan de Liefde.
The General Banking Conditions, including the standard rules governing the relationship between clients and banks, have been simplified, clarified and amended. The adjusted conditions have been written in simpler, more straightforward Dutch and include examples for clarification.
Effective 1 October 2016, ABN AMRO will apply updated conditions for its commercial clients. The bank has announced new Commercial Payment Services Conditions, new Commercial Payment Services Information Sheet and new savings conditions.
ABN AMRO lowered interest rates on its personal savings accounts on 30 June 2016. Clients have been informed accordingly. The interest rate on the popular savings account Vermogens Spaarrekening was lowered from 0.8% to 0.7%.
ABN AMRO has been active in the diamond and jewellery sector for over 100 years. ABN AMRO’s clients are global and local companies active in rough and polished trading, cutting & polishing, jewellery manufacturing, as well as retail jewellery.
ABN AMRO Private Banking offers wealthy clients a range of financial services, including investment. Clients can choose between execution only services and investment advisory services - or they can let the bank do their investing for them. This is called discretionary portfolio management.
As a bank, ABN AMRO intends to and must comply with local and international laws and regulations at all times. In addition to these laws and regulations, ABN AMRO Private Banking enforces worldwide a stringent client acceptance policy for initial selection and ongoing compliance. Furthermore, the bank exchanges information with the competent authorities whenever a request for such information is made in line with applicable laws and regulation, local or otherwise. Accordingly, ABN AMRO Private Banking respects the obligations it has in relation to its clients’ privacy.
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.
ABN AMRO appeared in tonight’s episode of television programme Radar to share more details about its interest rate averaging concept. The bank is set to introduce this feature for its clients later this year.
ABN AMRO has won the highly coveted NCCA Award for Customer Strategy. The NCCA is an annual competition in the Netherlands among organisations in the areas of customer contact and customer experience. ABN AMRO received the prize for its Everywhere & Always strategy, under which the bank is ready to serve clients wherever and whenever they want, through a variety of channels.
ABN AMRO is lowering interest rates on its retail savings accounts with effect from 31 March 2016. For example, the interest rate on the most popular savings account, ‘Vermogens Spaarrekening’, will be 0.80% including bonus interest, while it was previously 0.9%. Clients have been informed accordingly.
Sixteen of the largest field hockey clubs in the Netherlands introduced contactless payment at their clubs after the winter break. Contactless payment is the ideal way for sports associations to receive small payments swiftly, securely and easily: it is a good alternative to cash payments and it is carried out much more quickly.
