ABN Amro, the Dutch bank which recently bought Banca Antonveneta of Italy, on Friday unveiled the next stage of its restructuring which aims to focus on mid-market clients and save the group €600m a year from 2007.
The 181-year old bank also announced that Tom de Swaan, finance director, would step down next year to be replaced by Hugh Scott-Barrett, the current chief operating officer.
The company will create three new executive board positions as part of the restructuring and a regional structure aimed at providing a range of financial products to its core mid-market clients.
As part of the changes, which will take effect from January 1 next year, Huibert Boumeester, Piero Overmars and Ron Teerlink will all join the board. The restructuring will result in eight board members following Mr de Swaan’s departure.
The Dutch bank has pinpointed the mid-market clients of individuals and business who require multiple financial products such as loans and investment products as a key growth area in the coming years.
In February, it created two new global business units concentrating on consumer and commercial clients, in addition to the bank’s wholesale client business and asset management unit.
From January these will be scrapped and replaced by five regional client business units, two global client business units and three product business units.
The bank said Antonveneta, Italy’s ninth largest bank bought for nearly €8bn last month, would not come under the new structure until it is fully integrated.
Rijkman Groenink, chairman, welcomed the changes: “With the adjustment to the structure, we are well placed to realise our profitable growth potential.”
The bank said more details of the changes would be provided at an investor day in December.
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