History
About ABN AMRO
ABN AMRO was acquired by the consortium of Fortis, RBS and Santander in October 2007. On 3 October 2008, the Dutch state that it has bought Fortis Bank Nederland, including its interests in ABN AMRO. As of 24 December 2008, the Dutch state replaced Fortis as a stakeholder in RFS Holdings, which continues to manage ABN AMRO. RBS-bound businesses are not affected by this change.
Highlights
ABN AMRO is now owned by RBS, Santander and the Dutch government. Read about the bank's future with it's partners.
ABN AMRO is helping to promote the sustainable development on which all our futures depend in an increasingly global economy.
Nederlandsche Handel-Maatschappij, 1824-1964
Trading roots, 1824-1864
Nederlandsche Handel-Maatschappij (Netherlands Trading Society/NTS) was founded on the initiative of the Merchant Monarch, King Willem I, in the Hague on 29 March 1824. The object was to resuscitate national trade and industry in the wake of the period of French rule (1795-1813). NTS was an import/export company set up to expand existing trade relations and open up new channels.
Through its close ties with the Dutch government, NTS played a major role in developing trade between the Netherlands and the Dutch East Indies. From 1826 onwards its activities in the East Indies were co-ordinated by the branch in Batavia (present day Jakarta, known locally as "De Factorij"). In 1830, the Dutch Governor Johannes van den Bosch introduced the "Plantation System" under which the native population was compelled to pay taxation in kind (chiefly tea, coffee, sugar and spices). NTS acted as state banker, merchant and shipping agent. It sold and shipped the products the Dutch government obtained through the Plantation System. NTS did this so successfully and attracted so much business that it acquired the nickname "Kompenie Ketjil", or "Little Company", after the older and more famous Dutch East India Company.
After 1830, when the Netherlands and Belgium became separate states, NTS also provided risk and loan capital to industrial enterprises, especially in the textile industry in the Twente region of the Netherlands. In 1850, NTS began to finance companies operating plantations in the Dutch East Indies. NTS even owned a number of plantations itself. As part of this policy, a branch was opened in Singapore in 1858. Its successor is now the oldest bank in Singapore.
Trading roots, 1824-1864
Nederlandsche Handel-Maatschappij (Netherlands Trading Society/NTS) was founded on the initiative of the Merchant Monarch, King Willem I, in the Hague on 29 March 1824. The object was to resuscitate national trade and industry in the wake of the period of French rule (1795-1813). NTS was an import/export company set up to expand existing trade relations and open up new channels.
Through its close ties with the Dutch government, NTS played a major role in developing trade between the Netherlands and the Dutch East Indies. From 1826 onwards its activities in the East Indies were co-ordinated by the branch in Batavia (present day Jakarta, known locally as "De Factorij"). In 1830, the Dutch Governor Johannes van den Bosch introduced the "Plantation System" under which the native population was compelled to pay taxation in kind (chiefly tea, coffee, sugar and spices). NTS acted as state banker, merchant and shipping agent. It sold and shipped the products the Dutch government obtained through the Plantation System. NTS did this so successfully and attracted so much business that it acquired the nickname "Kompenie Ketjil", or "Little Company", after the older and more famous Dutch East India Company.
After 1830, when the Netherlands and Belgium became separate states, NTS also provided risk and loan capital to industrial enterprises, especially in the textile industry in the Twente region of the Netherlands. In 1850, NTS began to finance companies operating plantations in the Dutch East Indies. NTS even owned a number of plantations itself. As part of this policy, a branch was opened in Singapore in 1858. Its successor is now the oldest bank in Singapore.
King Willem was the founder of Nederlandsche Handel-Maatschappij in 1824; painting by Jan Willem Pieneman, 1832.
History Department
The ABN AMRO Historical Archives Foundation was established on 15 May 1992. It aims to gather, archive and document material pertaining to the history of all the major companies that have joined through the years to form today's ABN AMRO. The Foundation also aims to make this information available for (art-)historical research.
The History Department (HD) has three major spheres of activity:
Historical Objects - The HD administers the historical collection of ABN AMRO. The collection includes a vast array of items such as antique maps and atlases, books, coins, furniture, photos, paintings, office machines and securities all spanning from the 17th -21st century. The HD is responsible for the collection's conservation, restoration, registration and acquisition.
Services - The HD conducts the documentation, i.e. the recording and description, of the main elements of the bank's business management. These are matters that are likely to remain items of interest in the future and are recorded in a systematic manner so as to create an accessible source for research in the field of corporate history. Based on the selected documentation, the HD functions as an encyclopaedia for all aspects in the field of banking history, also regarding the local, regional and international history of the bank and related art historical subjects.
Historical Records - The HD catalogues all non-current, policy-related documents and records of ABN AMRO and its most important legal predecessors. These cover the records of: ABN Bank, Amro Bank, Amsterdamsche Bank, Nederlandsche Handel-Maatschappij (Netherlands Trading Society), Nederlandsch-Indische Handelsbank (Netherlands India Commercial Bank), Rotterdamsche Bank and Twentsche Bank. Archives of subsidiaries and take-overs are included in the archives of the parent company. For instance, all records of Incasso-Bank are added to the archives of Amsterdamsche Bank and all records of Hollandsche Bank-Unie are added to the archives of ABN Bank. The HD as a rule does not keep personnel records or records and documentation of Dutch branch offices past and present, or records of non-Dutch subsidiaries, branch offices or predecessors
The History Department (HD) has three major spheres of activity:
Historical Objects - The HD administers the historical collection of ABN AMRO. The collection includes a vast array of items such as antique maps and atlases, books, coins, furniture, photos, paintings, office machines and securities all spanning from the 17th -21st century. The HD is responsible for the collection's conservation, restoration, registration and acquisition.
Services - The HD conducts the documentation, i.e. the recording and description, of the main elements of the bank's business management. These are matters that are likely to remain items of interest in the future and are recorded in a systematic manner so as to create an accessible source for research in the field of corporate history. Based on the selected documentation, the HD functions as an encyclopaedia for all aspects in the field of banking history, also regarding the local, regional and international history of the bank and related art historical subjects.
Historical Records - The HD catalogues all non-current, policy-related documents and records of ABN AMRO and its most important legal predecessors. These cover the records of: ABN Bank, Amro Bank, Amsterdamsche Bank, Nederlandsche Handel-Maatschappij (Netherlands Trading Society), Nederlandsch-Indische Handelsbank (Netherlands India Commercial Bank), Rotterdamsche Bank and Twentsche Bank. Archives of subsidiaries and take-overs are included in the archives of the parent company. For instance, all records of Incasso-Bank are added to the archives of Amsterdamsche Bank and all records of Hollandsche Bank-Unie are added to the archives of ABN Bank. The HD as a rule does not keep personnel records or records and documentation of Dutch branch offices past and present, or records of non-Dutch subsidiaries, branch offices or predecessors
ABN AMRO, 1991-2008 (Combined Forces, 1991)
The two largest commercial banks in the Netherlands, Algemene Bank Nederland (ABN Bank) and Amsterdam-Rotterdam Bank (Amro Bank) announced a merger feasibility study in March 1990. The study soon yielded positive results and May 30, 1990 ABN AMRO Holding was established. The legal merger between ABN Bank and Amro Bank took place on 22 September 1991. The reasons for the merger lay in the need to combine forces in order to expand and reinforce the prominent positions the two banks occupied in their own right. The worldwide scaling up of companies and financial institutions called for a bank with a strong capital base and broad .
Acquisitions and divestments in The Netherlands, 1992-2006
In the Netherlands ABN AMRO acquired LeasePlan in 1992 from subsidiary Bank Mees & Hope. The two subsidiaries Bank Mees & Hope and Pierson, Heldring & Pierson were merged in 1993, to form MeesPierson. This subsidiary was sold to Fortis in 1997. Bouwfonds Nederlandse Gemeenten, a commercial and private property developer, was acquired in 2000. A joint venture in bancassurance between ABN AMRO and Delta Lloyd was launched in 2003. By 2006, a number of non-core or non-sustainable activities had been sold: LeasePlan Corporation in 2004, and private bank Nachenius, Tjeenk & Co. in 2005. In December 2006 ABN AMRO announced that the process of divesting Bouwfonds will start in the first quarter of 2006.
Brazil, 1998-2007
In November 1998, the acquisition of Brazilian bank Banco Real was completed. Founded in 1925 as a small co-operative bank, Banco Real had grown into the fourth-largest privately owned bank in Brazil, with operations in several other Latin American countries. ABN AMRO had been active in Brazil since 1917 as Banco Holandés da America do Sul, but the acquisition of Banco Real and the small state-owned banks Bandepe and Paraiban firmly established Brazil as ABN AMRO's third home market.
In 2003, when many foreign players were cutting back on their investment or even withdrawing from Brazil, ABN AMRO Banco Real surprised the markets by announcing the acquisition of Brazilian bank Sudameris. The move reinforced ABN AMRO's position as fourth-largest bank in Brazil and provided it with a firm foothold in the economically vibrant south-east of the country.
Global clients, 1992-2006
The London stockbroking firm of Hoare Govett was taken over by ABN AMRO in June 1992. In 1994, this was followed by the purchase of a stake in Hoare Govett Asia, which was increased to a majority stake a year later. In 1995 the Scandinavian investment bank Alfred Berg was also acquired. Founded as a stockbroking firm in 1863 - the same year the Stockholm stock exchange opened its doors - the Swedish firm was taken over by banker Alfred Berg in 1901. The company now provides wholesale banking and asset management operations in four Nordic countries. The name of Alfred Berg SE was re-branded in ABN AMRO in June 2006.
Growth and takeover, 2002-2008
ABN AMRO’s presence in Germany was strengthened in 2002 through the acquisition of German private bank Delbrück & Co. Delbrück & Co is one of the oldest and most prestigious private banks in Germany with a history dating back almost 300 years.
THE ROYAL BANK OF SCOTLAND
Vision
Be the leading bank delivering world class services to our clients
Mission
Create value for our stakeholders by delivering global standards for banking in Pakistan.
Values:
Corporate Values
Our Corporate Values provide the foundation for the bank's Business Principles. The bank formulated these Corporate Values in 1997.
Our values and principles also help us on our journey to sustainable development. By living according our defined Corporate Values and Business Principles we can meet the needs of our organisation and stakeholders today, thus protecting, sustaining and enhancing human, natural and financial capital for the future. Read more about ABN AMRO and sustainable development.
Integrity: Above all, we are committed to integrity in all that we do, always, everywhere.
Teamwork: It is the essence of our ability to succeed as a trusted preferred supplier of financial solutions to our clients. Our overriding loyalty is to the good of the whole organisation. We learn from each other and share our skills and resources across organisational boundaries for our clients' benefit and our own.
Respect: We respect every individual. We draw strength from equal opportunity and diversity, at the same time supporting personal growth and development. We value and we all benefit from the entrepreneurial spirit of each individual.
Professionalism: We are committed to the highest standards of professionalism, we pursue innovation, we deploy imagination, we are open to new ideas and we act decisively and consistently. We are determined to deliver outstanding quality so that our relationships with our clients will be long lasting and close.
Our values and principles also help us on our journey to sustainable development. By living according our defined Corporate Values and Business Principles we can meet the needs of our organisation and stakeholders today, thus protecting, sustaining and enhancing human, natural and financial capital for the future. Read more about ABN AMRO and sustainable development.
Integrity: Above all, we are committed to integrity in all that we do, always, everywhere.
Teamwork: It is the essence of our ability to succeed as a trusted preferred supplier of financial solutions to our clients. Our overriding loyalty is to the good of the whole organisation. We learn from each other and share our skills and resources across organisational boundaries for our clients' benefit and our own.
Respect: We respect every individual. We draw strength from equal opportunity and diversity, at the same time supporting personal growth and development. We value and we all benefit from the entrepreneurial spirit of each individual.
Professionalism: We are committed to the highest standards of professionalism, we pursue innovation, we deploy imagination, we are open to new ideas and we act decisively and consistently. We are determined to deliver outstanding quality so that our relationships with our clients will be long lasting and close.
Business Principles:
A compass to guide us on our journey
Based on our four Corporate Values, we have formulated Business Principles to guide all our employees in their daily work. Defining them clarifies what we stand for and unites us as a group.
These Business Principles are:
Based on our four Corporate Values, we have formulated Business Principles to guide all our employees in their daily work. Defining them clarifies what we stand for and unites us as a group.
These Business Principles are:
· We are the heart of our organisation
· We pursue excellence
· We aim to maximise long-term shareholder value
· We manage risk prudently and professionally
· We strive to provide excellent service
· We build our business on confidentiality
· We assess business partners on their standards
· We are a responsible institution and a good corporate citizen
· We respect human rights and the environment
· We are accountable for our actions and open about them
Business Principles alone are not the answer to every problem, but they do challenge us to translate their spirit into our daily practice and shift our horizons beyond short-term profit to long-term value creation through sustainable development.
Shields and Colours
What does our shield stand for?
Symbolism is the most primitive and penetrating form of language. Many symbols guarantee recognition at a single glance. A shield stands for reliability, tradition, security and protection. This is of vital importance for all our clients, as they must be absolutely sure that their money and business are in trusted hands.
Our shield symbolises dynamism and power, communicating our scale and potential for growth. The shield evokes an image of experience and professionalism. It's also an international symbol, powerful in its simplicity. The straight lines of the design provide us with a modern look, while still retaining traditional values.
Why green and yellow?
Colour is also vital to communicating the message of the ABN AMRO shield. Green and yellow have strong subconscious associations. Green symbolises unchanging values and stability. Yellow symbolises optimism for the future.
Used together, these colours convey aspiration. Aspiration towards increased esteem in one's eyes and the eyes of others, and an ambition that inspires recognition. Our shield captures the essence of what people want from their bank: trust, security and ambitious optimism for their future, driven by strong unchanging values.
The 2007 Review and all other Sustainability Reports between 2003 and 2006 can be found on t
For more information about the consortium banks’ sustainability programmes, please visit their website’s and read their corporate responsibility reports:
The 2007 Review and all other Sustainability Reports between 2003 and 2006 can be found on t
For more information about the consortium banks’ sustainability programmes, please visit their website’s and read their corporate responsibility reports:
Code of Ethics
The standards of ethical conduct ABN AMRO expects from its employees are found within our introduced by the Managing Board in 2001. We believe they address the standards necessary to comprise a code of ethics for the purposes of section 406 of the Sarbanes-Oxley Act.
The Business Principles are a set of principles that build on our (integrity, teamwork, respect, professionalism) by further clarifying what we stand for. They are the result of intensive discussions with management, employees and external audiences and are meant to act as a compass for individual and collective behaviour within ABN AMRO.
The Business Principles and Corporate Values are always taken into account in the development of policies and procedures. The Business Principles are being embedded in key organisational processes such as appraisal and promotion procedures, as well as performance contracts. They are also a guidance tool for our contribution to developing new standards on social and environmental issues, such as the Equator Principles.
The Business Principles are a reinforcement of the rules and regulations already reflected in our instruction manuals and policies, such as those in the areas of Risk Management, Human Resources and Compliance. These internal regulations cover important topics such as: prevention of money laundering, insider trading, client due diligence, dealing with conflicts of interest, safeguarding confidentiality, Chinese walls, human rights, environmental care, etc.
The Business Principles are a set of principles that build on our (integrity, teamwork, respect, professionalism) by further clarifying what we stand for. They are the result of intensive discussions with management, employees and external audiences and are meant to act as a compass for individual and collective behaviour within ABN AMRO.
The Business Principles and Corporate Values are always taken into account in the development of policies and procedures. The Business Principles are being embedded in key organisational processes such as appraisal and promotion procedures, as well as performance contracts. They are also a guidance tool for our contribution to developing new standards on social and environmental issues, such as the Equator Principles.
The Business Principles are a reinforcement of the rules and regulations already reflected in our instruction manuals and policies, such as those in the areas of Risk Management, Human Resources and Compliance. These internal regulations cover important topics such as: prevention of money laundering, insider trading, client due diligence, dealing with conflicts of interest, safeguarding confidentiality, Chinese walls, human rights, environmental care, etc.
Managing Board
The members of the Managing Board collectively manage the company and are responsible for its performance. The Chairman of the Managing Board leads the Board in its management of the company to achieve its performance goals and ambitions, and is the main point of liaison with the Gerrit Zalm has been Chairman of the Managing Board since 28 February 2009.
Compensation policy
Two principles underlie the compensation policy. One is that the package must be competitive so that qualified and expert Managing Board members can be recruited from inside and outside the company and be retained.
The bank has to consider its position in Europe as well as comparing itself with its chosen peer group, so it targets a median or mid-market rate relative to other leading European financial institutions.
The second principle is that there must be a strong emphasis on actual performance against demanding targets in the short and longer term for all components, except base pay.
Private securities transactions Managing Board
Members of the Managing Board have to comply with the . Members of the Managing Board are allowed to effect private securities transactions provided that certain requirements are met. One of these is requirements is that prior approval must be obtained from Group Compliance.
Prior approval does not apply if members of the Managing Board execute private securities transactions in (i) (semi-)open-ended investment funds and/or, (ii) government bonds issued by OECD countries and/or (iii) financial instruments linked to official indices and/or (iv) effect private securities transactions under a written discretionary management agreement.
Compensation policy
Two principles underlie the compensation policy. One is that the package must be competitive so that qualified and expert Managing Board members can be recruited from inside and outside the company and be retained.
The bank has to consider its position in Europe as well as comparing itself with its chosen peer group, so it targets a median or mid-market rate relative to other leading European financial institutions.
The second principle is that there must be a strong emphasis on actual performance against demanding targets in the short and longer term for all components, except base pay.
Private securities transactions Managing Board
Members of the Managing Board have to comply with the . Members of the Managing Board are allowed to effect private securities transactions provided that certain requirements are met. One of these is requirements is that prior approval must be obtained from Group Compliance.
Prior approval does not apply if members of the Managing Board execute private securities transactions in (i) (semi-)open-ended investment funds and/or, (ii) government bonds issued by OECD countries and/or (iii) financial instruments linked to official indices and/or (iv) effect private securities transactions under a written discretionary management agreement.
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