0RDM.IL - ABN AMRO GROUP NV ABN AMRO GROU

IOB - IOB Delayed price. Currency in EUR
16.43
+0.55 (+3.46%)
At close: 4:30PM BST
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Previous close15.88
Open16.17
Bid0.00 x 0
Ask0.00 x 0
Day's range16.11 - 16.43
52-week range15.55 - 29.21
Volume157,724
Avg. volume1,215,192
Market capN/A
Beta (3Y monthly)N/A
PE ratio (TTM)N/A
EPS (TTM)N/A
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • ABN Amro Adds to Wave of European Money Laundering Scandals
    Bloomberg

    ABN Amro Adds to Wave of European Money Laundering Scandals

    (Bloomberg) -- Europe’s widening money laundering scandals took a new turn as ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions, a further sign of woe in an industry already struggling to grow profitability.Shares of the state-controlled bank slumped the most since its 2015 initial public offering and its bonds fell after the Dutch prosecutor opened a criminal probe into its alleged failures to check on clients and report suspicious transactions.The Dutch probe adds to a series of money-laundering cases that have engulfed lenders, highlighting weaknesses in the region’s efforts to fight the flow of illicit funds. Only this week, the former head of Danske Bank in Estonia, the unit at the center of a $220 billion money-laundering scandal, was found dead on Wednesday. On Tuesday, Germany’s Deutsche Bank AG received a visit from law enforcement officials over its role in the scandal.ABN Amro said in July said that it needs to review all of its 5 million retail clients after receiving a warning from the Dutch central bank. It took a 114 million-euro ($125 million) provision for the checks in the second quarter, after already setting aside 85 million euros at the end of last year for stepping up financial crime prevention in commercial banking and the credit card business.The bank said at the time that sanctions may be imposed by the authorities but said it hadn’t made a provision for a possible fine as the “amount cannot be estimated at this time.”Increased compliance costs and possible penalties add to the headwinds confronting European banks. Negative interest rates, lackluster economies, and Brexit are already taking a toll on profitability, forcing more lenders forcing the lenders to pass rising costs on to customers.“There’s so much uncertainty for the shareholders now,” said KBW analyst Jean-Pierre Lambert by phone. “The big question is whether there’s actual money laundering involved in this case. That’s what the prosecutor’s investigation probably is trying to find out.”ABN Amro’s Dutch rival, ING Groep NV, paid a record fine last year and acknowledged “serious shortcomings” in its efforts to prevent financial crime.ABN Amro dropped as much as 14% in Amsterdam trading and closed down 12% at 15.89 euros. The Dutch bank’s Additional Tier 1 bonds fell the most in six months following news of the probe.What Bloomberg Intelligence Says:“It’s impossible to estimate the extent of any wrong-doing at this stage. The lender took a 114 million-euro provision in 2Q, after the Dutch central bank required it to review all domestic retail clients under customer due diligence requirements, so it has already begun addressing the issue.\-- Philip Richards, BI banking analystTo read the commentary, click hereThe investigation and the resulting share price drop may make it harder for the Dutch government -- which still owns 56% after a bailout in 2009 -- to sell off the rest of its stake as it pledged to do during the bank’s IPO. Meanwhile, the bank is still looking for a new chief executive officer after Kees van Dijkhuizen announced in June that he will leave when his term ends in April.Following the ING fine and the central bank’s criticism, the largest Dutch banks have been stepping up compliance spending, including adding more staff to their crime prevention teams. Earlier this month, five of the country’s largest lenders said they are exploring a system to jointly monitor transactions in the fight against money laundering after the government pledged to clear legal hurdles that might prevent them from doing so.“With the low interest rates and a looming recession, the banking sector is already in a very difficult position,” said Mediobanca analyst Robin van den Broek. “The money laundering issue comes on top of that. And I don’t think ABN Amro is the only one in Europe with these problems.”(Updates shares in 9th paragraph. An earlier version corrected the date ex-Danske Bank head was found dead in third paragraph.)To contact the reporters on this story: Ruben Munsterman in Amsterdam at rmunsterman1@bloomberg.net;Wout Vergauwen in Amsterdam at wvergauwen@bloomberg.netTo contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Ross Larsen, Marion DakersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • ABN Amro hit by Dutch money laundering investigation
    Reuters

    ABN Amro hit by Dutch money laundering investigation

    ABN Amro is being investigated for money laundering in a new blow to shares in the Dutch bank, which prosecutors allege failed to report or probe suspicious transactions for years. The Netherlands has been the target of several inquiries into suspected money laundering and investigators last year estimated that around 13 billion euros ($14.2 billion) was laundered each year through the country between 2004 and 2014, a sum equivalent to roughly 2% of Dutch GDP. Dutch prosecutors said in March they were evaluating signs of Dutch bank involvement in a money laundering network which allegedly channelled billions of euros from Russia.

  • Reuters - UK Focus

    LIVE MARKETS-A sense of deja vu in stock markets

    * European stocks recover losses after 3-day rout * FTSE lags on miners, financial services * Investors seek out bargains, but worry about trade spat * Bayer and Lanxess gain after divesting chemical park unit Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://josephine.mason.thomsonreuters.com@reuters.net A SENSE OF DEJA VU IN STOCK MARKETS (0949 GMT) European markets have lost close to 4.5% since Trump's latest tariff threat and there is a sense of deja vu in this. A quick look at how some sectors performed 6 days after Trump's threat in May versus 4 trading days after the August threat suggests there has been a sharper move this time but in both cases, the same names underperformed markets.

  • Reuters - UK Focus

    LIVE MARKETS-Miners: negative catalysts

    * European stocks recover losses after 3-day rout * FTSE lags on miners, financial services * Investors seek out bargains, but worry about trade spat * Bayer and Lanxess gain after divesting chemical park unit Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Josephine Mason. Reach her on Messenger to share your thoughts on market moves: rm://josephine.mason.thomsonreuters.com@reuters.net MINERS: NEGATIVE CATALYSTS (0856 GMT) Miners are not having a great time of late as escalating trade tensions send shivers through the sector and the industry index is trading at fresh 2019 lows with disappointing results from Glencore being the latest drag to the index, which the only one that's missing out on today's rebound in Europe.

  • ABN Amro flags possible money laundering fines in latest blow to shares
    Reuters

    ABN Amro flags possible money laundering fines in latest blow to shares

    ABN Amro said it faces possible money laundering fines, which combined with a gloomy interest rate outlook overshadowed an unexpected quarterly profit rise, knocking the Dutch bank's shares on Wednesday. The Dutch central bank (DNB) has ordered ABN to review all retail clients in the Netherlands for possible money laundering or other criminal activities, and warned that these investigations could lead to fines for the bank. Banks have been forced to keep better track of client behaviour after Dutch bank ING was forced to pay a record $900 million fine in September for failing to spot criminal activities financed through its accounts.

  • Reuters - UK Focus

    LIVE MARKETS-Closing snapshot: Trump revs up Europe

    * European stocks close at day high; STOXX up 0.5% * Autos, DAX rally on report Trump plans to delay import tariffs * Germany returns to growth, Euro zone economy accelerates * China data paints grim picture ...

  • Reuters - UK Focus

    LIVE MARKETS-"Most obvious trades": Long real estate/Short autos?

    * European stocks in choppy waters; STOXX up 0.15% * Autos, DAX rally on report Trump plans to delay import tariffs * Germany returns to growth, Euro zone economy accelerates * China data paints grim picture ...

  • Reuters - UK Focus

    LIVE MARKETS-London's tarnished returns

    * European stocks give up early gains; STOXX -0.4% and DAX -0.5% * Trump called trade war "a little squabble" * Germany returns to growth, Euro zone economy accelerates * China data paints grim ...

  • Reuters - UK Focus

    LIVE MARKETS-Commerzbank acquisition: What's in it for Unicredit or ING?

    * European stocks give up early gains; STOXX -0.2% and DAX -0.5% * Trump called trade war "a little squabble" * Germany returns to growth, Euro zone economy accelerates * China data paints grim ...

  • Reuters

    ABN Amro warns of slowing economy as quarterly profit slides

    ABN Amro's quarterly net profit plunged by a fifth and fell short of expectations and the Dutch bank also warned that slowing economic growth and low interest rates could hit future earnings. Chief Executive Kees van Dijkhuizen said the impact of those factors could become more apparent after interest income fell 6% in the first three months of the year. ABN said the decline in first quarter net profit to 478 million euros was mainly due to incidental gains on equity investments made in the previous year.

  • Reuters - UK Focus

    LIVE MARKETS-No one wins a trade war

    * European stocks give up early gains; STOXX and DAX flat * Trump called trade war "a little squabble" * Germany returns to growth, Euro zone economy accelerates * China data paints grim picture ...

  • Reuters - UK Focus

    LIVE MARKETS-Costing the "little squabble"

    * European stocks give up early gains; STOXX and DAX -0.1% * Trump called trade war "a little squabble" * Germany returns to growth * China data paints grim picture May 15 - Welcome to the home ...

  • Reuters - UK Focus

    LIVE MARKETS-Opening snapshot: Falling back again

    * European stocks give up early gains; STOXX and DAX -0.2% * Trump called trade war "a little squabble" * Germany returns to growth * China data paints grim picture May 15 - Welcome to the home ...

  • Danske Bank picks ex-ABN banker as CEO to rebuild trust
    Reuters

    Danske Bank picks ex-ABN banker as CEO to rebuild trust

    Danske Bank hired former ABN AMRO banker Chris Vogelzang as its new chief executive on Friday as it wrestles to limit the fallout from its involvement in one of the biggest money laundering scandals. Denmark's biggest lender is being investigated in Denmark, the United States, Britain and the Baltics after revealing that 200 billion euros ($224 billion) in suspicious transactions passed through its Estonian branch between 2007 and 2015. Among the challenges facing Vogelzang, who was on the management board of Dutch bank ABN AMRO until 2017, are rebuilding investor and customer trust and keeping Danske Bank focused during the myriad inquiries into its conduct.

  • ABN Amro Probe Adds to Rising Wave of Money Laundering Scandals
    Bloomberg

    ABN Amro Probe Adds to Rising Wave of Money Laundering Scandals

    Sep.26 -- Europe’s widening money laundering scandals took a new turn Thursday as Dutch lender ABN Amro Bank NV disclosed a criminal probe over alleged failures to check on clients and report suspicious transactions. Philip Richards of Bloomberg Intelligence has the details on "Bloomberg Markets: European Open."

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