ABN AMRO has launched a new escrow and settlement services business in Asia.

Escrow and settlement is a specialised department within the bank which for ten years has been setting up a variety of escrow arrangements. As an escrow agent, the bank acts as a neutral third party holding funds in a blocked account on behalf of contract parties subject to the terms agreed in an escrow agreement. In Asia, the division will focus on merger and acquisition-related deferred payment security or proof of funds solutions. 

For the new Hong Kong-based business, ABN AMRO is relocating Paul Timmermans from London to become head of escrow and settlement Asia. Timmermans was previously part of the bank's Rotterdam office. He reports both to Maaike Steinebach, country executive for Hong Kong and head of energy, commodities and transportation for Asia, and Lout Lapidaire, managing director for escrow and settlement in Rotterdam. 

ABN AMRO provides services to Asian clients from its offices in Hong Kong, Shanghai, Singapore, Sydney and Tokyo.