Integrated Annual Report 2024
A personal bank in the digital age
Our Integrated Annual Report 2024 details how the bank performed in line with its strategy and created value for clients, employees, investors and society. Customer experience, sustainability and building a future-proof bank are the pillars supporting our purpose: Banking for better, for generations to come.
Year in review
Executive Board changes
Chief Executive Officer Robert Swaak announced in August that he will not complete his second term of office at the bank. In January 2025, the Supervisory Board said it intends to name Marguerite Bérard as his successor pending regulatory approval. In October, Serena Fioravanti joined ABN AMRO as Chief Risk Officer. She succeeds Caroline Oosterloo, who took over as interim CRO after Tanja Cuppen announced she would not be available for a third term.
Renewable energy financing
We have increased our efforts in financing renewable energy and decarbonisation technologies. We raised our financing aim from EUR 4 billion by 2025 to EUR 10 billion by 2030 as we had already reached EUR 4 billion by the end of 2023.
Welcome Hauck Aufhäuser Lampe
We agreed to acquire the German private bank Hauck Aufhäuser Lampe (HAL) from Fosun International in May. The combination of HAL and Bethmann Bank – ABN AMRO’s private banking arm in Germany – will become one of the largest providers of banking services for wealthy private clients, family businesses and institutional clients in Germany.
Mortgage market share
We increased our share of new mortgage production in the Netherlands from 16% in 2023 to 19% in 2024. We were able to quickly adjust our offering when needed as the outlook for lower interest rates helped demand for mortgages with shorter fixed-rate periods. We started enabling clients to rent out part of their home to people who need housing, such as students, divorcees and expatriates. Partial rental offers additional income and may add to (temporary) housing capacity.
Share buyback programme completed
In May, we completed our third EUR 500 million share buyback programme. Under the programme, more than 32 million shares were purchased at an average price of EUR 15.37. Since the start of the first share buyback programme in 2022, almost 107 million shares have been repurchased.
Dutch State reduces shareholding
The Dutch State is continuing to reduce its shareholding in ABN AMRO. In October, the holder of the Dutch State’s stake (NLFI) said it aims to reduce its stake from 40.5% to approximately 30%. It has also been agreed that, upon NLFI's stake falling below one-third, NLFI’s information right concerning decisions regarding investments or divestments to the value of EUR 50 million or more will terminate. The Dutch State intends to gradually reduce its interest in ABN AMRO over time.
Centralisation of Asset Based Financing
The bank announced in November that it will materially reduce the international footprint of its Asset Based Financing division. This will be accompanied by an orderly wind-down of non‑strategic client portfolios, especially in the UK, and a reorganisation in Germany. This strategic alignment aims to strengthen the position of the bank and ensure long-term profitability.
Help with Banking advisers
Making a payment, requesting a debit card or submitting a change of address. We prefer to do our daily banking ourselves. But one in six people in the Netherlands have difficulty doing so digitally, perhaps because they have too little experience with online banking, or because they have trouble reading. Our Help with Banking advisers support clients in using our products and services. For example, by helping them get started with our mobile app and online banking. We have almost doubled the number of Help with Banking advisers to 200. Clients can make an appointment with an adviser to meet via video banking, at a branch office or at home. In 2024, these advisers helped clients move forward 135,000 times.