Wednesday 08 February 2023

Big banks criticised for lack of transparency on investments, ownership

The four biggest Dutch banks – ABN Amro, ING, Rabobank and SNS Bank – are not transparent about their investments, ownership structure, tax payments and lobby activities, according to a new report by charity Oxfam Novib.

ABN Amro and SBS are both 100% state owned, while ING has had considerable state support to help it through the economic crisis.

The big four, plus insurance companies Aegon and Delta Lloyd, all score ‘insufficient’ in the charity’s new report on good banking practices. ASN Bank, NIBC, Triodos and Van Lanschot are more open about their investments, the research shows.

‘As a customer you have no idea where your bank is investing and what your savings are actually being used for,’ said research leader Peter Ras. ‘Openness is especially needed now so banks can win back the trust of their clients and contribute to making the economy more sustainable.’

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