ABN AMRO Posts First Loss In Years

Finance and Trade
13/05/2020 13:56

ABN AMRO, the Dutch bank that also has a dedicated Diamond and Jewellery branch, reports a net loss of 395 million euros, or about double what analysts had expected, and the first loss reported since 2013. New CEO Robert Swaak commented that the loss was driven by high impairments due to two exceptional client cases, as well as 1.1 billion € provisions made to account for loans going bad in the wake of the COVID-19 crisis. ABN AMRO will review its overall strategy, with a focus on anti-money laundering controls and an improved digital approach, the CEO added.