Dutch National Bank Critical of ABN Amro Private Interests

Finance and Trade
31/03/2015 11:51

A confidential letter sent from supervisory body De Nederlandsche Bank (DNB) to ABN Amro chairman Gerrit Zalm criticised ABN Amro for having "insufficient insight" into the ancillary positions and private interests of its own commissioners. The bank has also delayed the adoption of sufficient measures against the risk of conflicts of interest among its own executives and directors. ABN Amro only hopes to meet the demands of DNB for the prevention of insider trading or conflicts of private and bank interest during the course of the year. In the letter, DNB also condemned the "bank-wide" anti-corruption policy of ABN Amro as "inadequate".

The planned announcement of the return of ABN Amro to the stock exchange has been delayed. Minister Dijsselbloem explained this delay by referring to "several issues" about the bank, more specifically to the commotion concerning salary increases for bank executives.

The Financieele Dagblad previously revealed that supervisors were also investigating ABN Amro due to irregularities in its Dubai branch.