NETHERLANDS - Dutch financial firm ABN Amro saw 2Q operating profits fall 21% to EUR671m ($425m), compared to EUR851m ($778m) for the same period in 2000.
The firms 2Q report also revealed ABN’s intention to focus on retail banking, while re-enforcing its commitment to corporate and investment banking.
ABN Amro’s chief executive, Rijkman Groenlink said: “[We] will give priority to further strengthening our retail and asset gathering franchises, as they will now form the core strategic foundation of our Group.”
He added: “We intend to create a closer strategic alignment between the consumer and commercial clients, and private clients and asset management SBUs (Strategic Business Units)... .
The firm plans to employ several measures to this end including a 20% cutback in capital allocated to the wholesale clients unit over three years, to be reinvested elsewhere in the group.
*ABN Amro Asset Management reported a 2Q figure of EUR175.8bn AUM, a 4.5% increase on the preceding quarter. The figure included results from ABN subsidiary US-based Alleghany Asset Management.
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