ABN AMRO would consider a merger, boss says
(19 January 2005 – Europe) Comments in a newspaper have fuelled speculation that Dutch bank ABN AMRO is open to the idea of merging with another bank of similar stature.
ABN AMRO chief executive Rijkman Groenink was quoted as saying he would consider a merger if it would help the bank "grow to the level of our ambition".
However, he ruled out being taken over by a much larger financial institution.
The Dutch bank is currently the 13th largest in Europe in market value but has set its sights on being one of the biggest within 10 years.
As a result, ABN AMRO has been exploring its growth options. These include expanding the existing business, growing via acquisitions or merging with an equal.
The bank has been linked with Royal Bank of Scotland but analysts believe its strong retail business in the US Midwest could attract interest from US banks.
ABN AMRO employs more than 600 people in Australia and New Zealand.
However, he ruled out being taken over by a much larger financial institution.
The Dutch bank is currently the 13th largest in Europe in market value but has set its sights on being one of the biggest within 10 years.
As a result, ABN AMRO has been exploring its growth options. These include expanding the existing business, growing via acquisitions or merging with an equal.
The bank has been linked with Royal Bank of Scotland but analysts believe its strong retail business in the US Midwest could attract interest from US banks.
ABN AMRO employs more than 600 people in Australia and New Zealand.
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