The bank is a product of a long history of mergers and acquisitions that date back to 1765. In 1991 Algemene Bank Nederland (ABN) and Amsterdam and Rotterdam Bank (AMRO) agreed to merge to create the original ABN AMRO. By 2007 ABN AMRO was the second largest bank in the Netherlands and eighth largest banks in Europe by assets. At that time the magazine The Banker and Fortune Global 500 placed the bank at number 15th in the list of world's biggest banks and it had operations in 63 countries, with over 110,000 employees.
In 2007 the bank was acquired, in what was at that time the biggest bank takeover in history, by a consortium made up of the Royal Bank of Scotland Group, Fortis bank and Banco Santander, of which the first two got into serious trouble as a result of the takeover. The large amount of debt that had been created to fund the takeover had depleted the banks reserves just at the time the Financial crisis of 2007�2010 started. As a result the Dutch government took over and nationalized the Dutch parts of the operations which had primarily been allocated to Fortis to stop it failing. The UK government took effective control over the divisions allocated to RBS due to its financial bail-out of the Scottish bank. The remaining parts of ABN AMRO held by the consortiums RFS Holdings B.V., notably the overseas businesses, were merged with RBS, Santander, sold off or shut down.
The Dutch government appointed former Dutch finance minister Gerrit Zalm as CEO to restructure and stabilise the bank and in February 2010 the bank was split into two separate organizations. One owned by the Dutch government called ABN AMRO Bank N.V. and the other owned by The Royal Bank of Scotland Group named The Royal Bank of Scotland N.V. On this date the Dutch owned businesses legally demerged from those owned by RBS. The Dutch government owned the ABN AMRO name and used it for the parts of the bank they purchased while other companies within the Group were renamed or closed down.
In 2010 ABN AMRO Group the owner of ABN AMRO Bank was created by merging the former sections of ABN AMRO Nederland, ABN AMRO Private Banking, together with Fortis Bank Nederland as well as formerly Fortis owned private bank MeesPierson and International Diamond and Jewelry Group. This started operating under the name ABN AMRO on 1 July 2010 at which time Fortis bank name officially ended. The Dutch government has said it would remain state owned at least until 2014 after which it would consider a public stock market listing for the new bank.
In 1824 King William I established the Nederlandsche Handel-Maatschappij (NHM) a trading company to revive trade and financing of the Dutch East Indies and it would become one of the primary ancestors of ABN AMRO. The NHM merged with the Twentsche Bank in 1964 to form Algemene Bank Nederland (ABN). In the same year the Amsterdamsche Bank which was established in 1871 merged with the Rotterdamsche Bank which was established in 1873 (as part of merger that included Determeijer Weslingh & Zn. from 1765) to form AMRO Bank. In 1991 ABN and AMRO Bank agreed to merge to create ABN AMRO.
Through these mergers and acquisitions, ABN AMRO gained a large number of overseas companies and branches. From the NHM organisation it had a significant branch network in Asia and the middle east. One of these the Saudi Hollandi Bank which was the old NHM Jeddah branch and in which ABN AMRO still had a 40% stake, caused questions in the Dutch parliament from the political Party for Freedom. Another the Hollandsche Bank-Unie (HBU), which was created from the merger of the Hollandsche Bank voor de Middellandsche Zee (HBMZ) and the Hollandsche Zuid-Amerika Bank in 1933, gave ABN AMRO an extensive network of branches in South and Central America. In 1979 ABN expanded into North America with the acquisition of Chicago based LaSalle National Bank.
After the merger of ABN and AMRO Bank in 1991, ABN AMRO continued to grow through a number of further acquisitions, including in 1996 the purchase of suburban Detroit based Standard Federal Bank and in 2001 the Michigan National Bank both of which we rebranded as LaSalle National bank.
ABN Amro purchased The Chicago Corporation, an American securities and commodities trading and clearing corporation in fall 1995. Other major acquisitions included the Brazilian bank Banco Real in 1998 and the Italian bank Antonveneta in 2006. It was also involved in the controversial acquisition of the Dutch local government mortgage and building development organisation, the Bouwfonds in 2000. ABN AMRO sold the Bouwfonds as a going concern in 2006. ABN AMRO had come to a crossroads in the beginning of 2005. The bank had still not come close to its own target of having an ROE that would put it among the top 5 of its peer group, a target that the CEO, Rijkman Groenink had set upon his appointment in 2000. From 2000 until 2005, ABN AMRO's stock price stagnated.
In 2007 the bank was acquired, in what was at that time the biggest bank takeover in history, by a consortium made up of the Royal Bank of Scotland Group, Fortis bank and Banco Santander, of which the first two got into serious trouble as a result of the takeover. The large amount of debt that had been created to fund the takeover had depleted the banks reserves just at the time the Financial crisis of 2007�2010 started. As a result the Dutch government took over and nationalized the Dutch parts of the operations which had primarily been allocated to Fortis to stop it failing. The UK government took effective control over the divisions allocated to RBS due to its financial bail-out of the Scottish bank. The remaining parts of ABN AMRO held by the consortiums RFS Holdings B.V., notably the overseas businesses, were merged with RBS, Santander, sold off or shut down.
The Dutch government appointed former Dutch finance minister Gerrit Zalm as CEO to restructure and stabilise the bank and in February 2010 the bank was split into two separate organizations. One owned by the Dutch government called ABN AMRO Bank N.V. and the other owned by The Royal Bank of Scotland Group named The Royal Bank of Scotland N.V. On this date the Dutch owned businesses legally demerged from those owned by RBS. The Dutch government owned the ABN AMRO name and used it for the parts of the bank they purchased while other companies within the Group were renamed or closed down.
In 2010 ABN AMRO Group the owner of ABN AMRO Bank was created by merging the former sections of ABN AMRO Nederland, ABN AMRO Private Banking, together with Fortis Bank Nederland as well as formerly Fortis owned private bank MeesPierson and International Diamond and Jewelry Group. This started operating under the name ABN AMRO on 1 July 2010 at which time Fortis bank name officially ended. The Dutch government has said it would remain state owned at least until 2014 after which it would consider a public stock market listing for the new bank.
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After the merger of ABN and AMRO Bank in 1991, ABN AMRO continued to grow through a number of further acquisitions, including in 1996 the purchase of suburban Detroit based Standard Federal Bank and in 2001 the Michigan National Bank both of which we rebranded as LaSalle National bank.
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