We are a personal bank in the digital age
Integrated Annual Report 2023
The Integrated Annual Report covers the most relevant and material information of ABN AMRO’s business, strategy and performance, and provides information about our financial and non-financial performance in compliance with regulatory requirements, including the bank’s Annual Financial Statements. As part of our 2023 annual reporting suite we are also publishing ABN AMRO’s Impact Report.
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Year in review
Changes to the Executive Board
CEO Robert Swaak accepted the request of the Supervisory Board to extend his term of office as CEO by four years, until 2028. Meanwhile, Ferdinand Vaandrager was named Chief Financial Officer (CFO), succeeding Lars Kramer who leftABN AMRO to pursue career opportunities elsewhere. Ton van Nimwegen was named ABN AMRO’s new Chief Operations Officer, while Tanja Cuppen announced she would not be available for a third term as Chief Risk Officer.
Share buyback programme completed
In April, we completed our latest EUR 500 million share buyback programme. Under the programme, nearly 32 million shares were purchased at an average price of EUR 15.65. In February 2024, ABN AMRO announced a new programme, also worth EUR 500 million. It will be our third such buyback since 2021.
New pan-European digital payments system
ABN AMRO became part of a new Europe-wide digital payments platform when the European Payments Initiative (EPI) took over iDEAL and Payconiq International. ABN AMRO is a shareholder in iDEAL and one of a group of banks supporting EPI. The new EPI platform will help us upgrade our digital payment services to clients across the Netherlands and Europe.
Number of ABN AMRO financial coaches passes new landmark
Having started in 2016 with just six financial coaches, ABN AMRO continued to expand its number of financial coaches in 2023 and now has over 100. These coaches work closely with clients who find it hard to switch to digital banking.
Investing in the sustainable economy
ABN AMRO continued to make investments through its Sustainable Impact Fund. Over the past year, investments included the German battery storage company Colibri Energy and the Danish sustainable fashion brand Colorful Standard. The EUR 500 million fund also invested in Spectral Energy, a software-as-a-service company operating in the real estate and energy sectors.
ABN AMRO to acquire neobroker BUX
ABN AMRO reached an agreement to acquire BUX, one of Europe’s fastest-growing neobrokers. The acquisition will help strengthen our market position among retail investors. Neobrokers play an important role in offering digital financial services and making investment and trading easier for abroader customer base.
State reduces shareholding in ABN AMRO
On 9 October 2023 the NLFI announced their holding was 49.5%. On 30 November NLFI announced its intention to sell depositary receipts for shares in ABN AMRO Bank N.V. through a pre-arranged trading plan that will be executed by BofA Securities Europe SA. The maximum number of depositary receipts that BofA Securities Europe SA can sell on behalf of NLFI over the duration of the trading plan would reduce NLFI’s stake in ABN AMRO from 49.5% to approximately 40%.
New Paris-proof office for ABN AMRO
Work began on a new head office for ABN AMRO. Located at Foppingadreef in south-east Amsterdam, the objective is to create an office that is Paris-proof, with space for around 10,000 ABN AMRO employees once redevelopment work is completed.