Dutch bank ABN Amro said on Wednesday its investment bank will end all trade and commodity financing operations, as the unit's focus turns solely to Northwest Europe and clearing activities to reduce risks.
FILE PHOTO: Police stands in front of the ABN Amro Bank during a raid, related to dividend tax stripping case known as cum-ex in Frankfurt, Germany, February 27, 2020. REUTERS/Tilman Blashofer
The move will end ABN’s presence in the United States, Asia, Australia and Brazil, except for clearing, and relates to around 45% of the corporate bank’s client loans, worth 18 billion euros . The move follows several earlier attempts to increase profitability and reduce risks at ABN’s corporate bank, as ongoing difficulties in the offshore energy markets saddled it with large impairments.
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