Royal Bank of Scotland, which was part of a consortium which bought and then dismantled ABN Amro in 2007, is giving up its Dutch banking licence.
A small team of merchant bankers will maintain the presence of RBS in the Netherlands, the Financieele Dagblad said on Monday.
RBS had a presence to be reckoned with in Amsterdam less than a decade ago, with a staff of 600 and a balance sheet total of some €10bn. The Dutch state was one of the last clients to leave RBS, moving over to ING at the end of 2016.
Despite its ambitions to be a global banker, RBS’s largest shareholder, the British government, wanted the bank to concentrate on its domestic market.
‘We used to say we were the only Dutch bank with a foreign name, now we’re only a foreign bank,’ said Raymond de Esch who is remaining as head of a group of 10 RBS bankers in Amsterdam.
RBS opened a small office in the city centre last week. The British bank will now compete with the likes of Deutsche Bank, HSBC and Morgan Stanley for the business of about 60 large Dutch companies, he said.
Thank you for donating to DutchNews.nl
The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.
DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.