ABN AMRO
Above: Combined with ABN AMRO, RBS is now the leading corporate bank in Europe in terms of relationships with large corporates and financial institutions. This is the Paris office of ABN AMRO.
Below: India is already an important market for ABN AMRO. It has a network of 28 branches.
Highlights
- Retail banking customer numbers in Asia increased by 12% to 3.7 million, with growth driven principally by Van Gogh Preferred Banking, our relationship banking service for mass affluent clients.
- The number of credit cardholders in Asia grew by 18% to 3.3 million.
- Asia corporate banking income saw good growth across the region in 2007.
- We opened 16 new branches across China, India, Indonesia, Hong Kong and Malaysia.
Contribution (£m) – from date of acquisition 17 October 2007.
Since we completed the acquisition of ABN AMRO in October our confidence in the opportunities it offers the Group has deepened. It brings many excellent people, strong franchises and products, and extends our presence in the world’s fastest growing markets, as well as further diversifying our income streams. We expect to secure greater cost savings and revenue benefits than originally anticipated.
We have made good progress on integration. Appointments have been made to the Supervisory and Managing Boards and to senior management positions. We have confirmed which businesses RBS will retain. Migration to RBS brand and model has begun.
While credit market activities reflected the prevailing market conditions, equities, rates and financial institutions performed well. Transaction banking maintained good momentum, reflecting strong growth in cash management balances and significant expansion in trade finance. International retail banking businesses performed well over the whole of 2007.
© 2008