Dutch bank ABN Amro announced today that its investment bank will end all trade and commodity financing operations. The Bank’s focus turns solely to Northwest Europe and clearing activities to reduce risks, according to media reports.
This will end ABN's presence in the United States, Asia, Australia and Brazil, except for clearing, and relates to around 45 per cent of the corporate bank's client loans worth $29 bn.
The Bank also said that around 800 employees will lose their jobs as the operations are wound down in the next three to four years.
Robert Swaak, CEO said: "We will serve clients in segments where we can achieve scale, so we will focus on the Netherlands and Northwest Europe, where we will invest and grow."
Several other European banks have been rethinking their trade and commodity finance operations in recent months, including Natixis and BNP Paribas, hit by losses in energy trading and a drive to focus more on greener finance initiatives.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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