Reports

ABN sees Private Banking Assets Grow Strongly

Stephen Harris 1 August 2005

ABN sees Private Banking Assets Grow Strongly

ABN Amro has reported its first half 2005 results which show that total assets under administration have increased to €125 billion ($152.1 b...

ABN Amro has reported its first half 2005 results which show that total assets under administration have increased to €125 billion ($152.1 billion), reflecting, according to the bank, an increase in net new assets. Total operating profit for the bank’s private client division rose by 6.6 per cent to €581 million. The bank said this was mainly due to a very strong performance in the Netherlands. Total operating expenses rose by 4.1 per cent to €410 million, which was blamed on higher staff costs. The acquisition of Bank Corluy in Belgium was completed at the end of April 2005. ABN said in a statement: “The acquisition of Bank Corluy marks a step forward in ABN AMRO's efforts to strengthen its private banking position in Belgium. In addition to a solid operating platform, Bank Corluy provides complementary local product capabilities and an attractive client franchise.” In contrast, the bank said it had completed the sale of Nachenius, Tjeenk & Co on 1 July. “The decision to sell Nachenius, Tjeenk & Co. is in accordance with ABN AMRO Private Banking's strategy to focus on core activities,” the bank added.

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes