|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||7.71 - 8.13|
|52-week range||5.68 - 19.83|
|Beta (5Y monthly)||1.51|
|PE ratio (TTM)||6.83|
|Earnings date||12 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||24 Apr 2020|
|1y target est||27.59|
A report by auditor EY found that Shandong Fangyuan Nonferrous Metals Group, China's biggest privately held copper smelter, has been overstating its profit and production levels while understating its debt, according to two sources with knowledge of the matter. Its core unit, Dongying Fangyuan Nonferrous Metals Co Ltd, and group firm Dongying Lufang Metals Material Co Ltd had "significantly higher debt, lower profitability, (and) lower production volumes," than publicly disclosed, one source quoted a summary of the EY report as saying. The audit covered 2018 and the first three quarters of 2019 for Dongying Fangyuan, Dongying Lufang, and four other Fangyuan units, the source said.
(Bloomberg) -- Commerzbank AG and ABN Amro Bank NV both got big order books for euro Additional Tier 1 notes as investors rushed to the high-coupon bonds following a recent dearth of deals.ABN Amro’s 1 billion-euro ($1.1 billion) sale was more than 10 times subscribed pre-reconciliation, while Commerzbank got more than 9.5 billion euros of offers for a 1.25 billion-euro note. The two lenders are set to price the bonds, which are first callable in 2025, according to people familiar with the offerings, who asked not to be identified because they’re not authorized to speak about themThe high demand allowed both banks to slash pricing at least 87.5 basis points during the sales process as they roused a market that was heading for its slowest sales quarter in seven years. Investors flocked to the offerings as central-bank support, government stimulus measures and easing coronavirus lockdowns are boosting risk appetite.ABN Amro tightened pricing on its note to 4.375%. The Commerzbank bond came into 6.125%. AT1s, also known as CoCos, are the first bank bonds to take losses in a crisis.READ MORE: European Bank Tier 2 Bond Sales Far Outstrip Moribund AT1 SectorRising risk appetite has helped cut marketwide yields on all-currency AT1s to 5.7% from almost 15% during the height of March’s coronavirus credit sell-off, based on a Bloomberg Barclays index. Issuance may also get a boost from lenders taking advantage of regulatory relief that allows them to make greater use of AT1s to bolster capital buffers.Commerzbank unveiled a 3 billion-euro AT1 issuance program last month. The bank sold its first AT1, in dollars, last year. Banco Bilbao Vizcaya Argentaria SA and Cooperatieve Rabobank UA have both recently said they may sell AT1s this year.Prior to Monday’s two offerings, Bank of Ireland Group Plc was the only European lender to issue an AT1 since the March rout. Banks has instead stepped up sales of less risky, and cheaper, Tier 2 notes.(Updates order books in second paragraph, pricing in third.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Not for release, publication or distribution, in whole or in part, in or into or from US, Japan, Australia or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. ABN AMRO intends to issue Additional Tier 1 Capital ABN AMRO Bank intends to issue deeply subordinated securities that qualify as Additional Tier 1 capital under CRR. The intended issuance will be in the form of EUR denominated Perpetual Additional Tier 1 Capital Securities which can be called in 2025 with a temporary write-down loss absorption mechanism and discretionary non-cumulative coupons. The issue and sale of the Additional Tier 1 Capital Securities remains subject to market conditions. The final version of the Registration Document and Offering Circular will become available on the ABN AMRO website. The initial coupon and final amount of any Additional Tier 1 Capital Securities sold will be determined at the conclusion of the offering process and will be announced in a separate press release. This press release shall not constitute an offer to purchase or the solicitation of an offer to purchase, nor shall there be any sale of these Additional Tier 1 Capital Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the relevant securities laws of any such jurisdiction.ABN AMRO Press Office ABN AMRO Investor Relations Jarco de Swart Dies Donker Senior Press Officer Head of Investor Relations email@example.com firstname.lastname@example.org +31 20 6288900 +31 20 6282282 This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation) Attachment * 20200608 ABN AMRO intends to issue Additional Tier 1 Capital
Not for release, publication or distribution, in whole or in part, in or into or from US, Japan, Australia or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.ABN AMRO announces call of EUR 1.5bn Tier 2 instrument (XS1253955469) With reference to the Terms and Conditions of the EUR 1.5 billion Subordinated Fixed-to-Fixed Rate Notes due June 2025 callable on Year 5 under the Programme for the issuance of Medium Term Notes of ABN AMRO Bank N.V. with ISIN XS1253955469 ABN AMRO Bank N.V. announces to exercise its right to redeem these Notes in full on 30 June 2020. Trading will be suspended as of 26 June 2020.This press release shall not constitute an offer to purchase or the solicitation of an offer to purchase, nor shall there be any offer or sale of these Subordinated Fixed-to-Fixed Rate Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or compliance with any other requirement under the relevant securities laws of any such jurisdiction.ABN AMRO Press Office ABN AMRO Investor Relations Jarco de Swart Dies Donker Senior Press Officer Head of Investor Relations email@example.com firstname.lastname@example.org +31 20 6288900 +31 20 6282282 This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation) Attachment * 20200601 ABN AMRO announces call of EUR 1.5bn Tier 2 instrument
Dutch bank ABN Amro warned provisions for souring loans could balloon to 2.5 billion euros ($2.71 billion) this year as the coronavirus crisis and oil price crash triggered a higher-than-expected first quarter loss. The lender, which has one of the biggest exposures in Europe to the global oil-and-gas industry, racked up losses in the first quarter when some of its trading clients ran into trouble due to market volatility. Chief Executive Officer Robert Swaak, who took the helm last month, said he was ramping up a review of ABN Amro's investment bank to be completed by August.
ABN AMRO reports net loss of EUR 395 million in Q1 2020 * Net loss marked by high impairments due to Covid-19, oil prices and market developments * Supporting clients in response to Covid-19 crisis; several measures implemented * Services maintained through digital offering and video banking while working from home * Strong operational performance; net interest income held up well and fees were up * Costs were lower, benefiting from continued cost management * Strong capital position; CET1 ratio of 17.3% under Basel III and around 14% under Basel IV * Review underway to ensure we deliver on our strategic pillars; update after the summer * Priorities include navigating Covid-19 crisis, CIB review and AML activities Robert Swaak, CEO, comments: “Covid-19 is first and foremost a crisis of personal health, but it is also having a significant impact on the economy. In line with our purpose ‘Banking for better, for generations to come’, we are supporting our clients wherever possible. Our strategic investments in IT and digital services in the past years have enabled us to continue serving clients without interruption. We are in close dialogue with our clients and have been implementing several support measures, including automatic deferral of interest and principal payments.At the FY 2019 results, we announced a review of Corporate & Institutional Banking’s (CIB) activities. Although in the past few years some progress has been made in improving returns, this has not resulted in the required profitability. Also, the risk profile of parts of CIB is not fully aligned with that of the bank. The ongoing CIB review is a short-term priority for me and we will share the outcome in August. My priorities in the coming period, in addition to the CIB review, are to navigate the Covid-19 crisis and to focus on anti-money laundering activities (AML). In addition, we will review our strategy to ensure we deliver on our three strategic pillars going forward and will provide an update after the summer, also addressing operational efficiency, financial targets and capital. Impairments were very high (EUR 1.1 billion) due to two exceptional client files and significant upfront collective provisioning for sectors immediately impacted by Covid-19 and oil prices. As a result, we reported a net loss of EUR 395 million over the first quarter. Net interest income held up in the current environment, fees were higher and costs were lower, benefiting from continued cost management. The resulting ROE was a disappointing -8.7% and the cost/income ratio was 67.6%. Our capital position remains strong, with a Basel III CET1 ratio of 17.3% and a Basel IV CET1 ratio of around 14%, comfortably above the regulatory minimum requirements. It is a challenging, yet exciting time to start as the CEO of ABN AMRO. ABN AMRO is a well-recognised player in Dutch society, with a strong brand and a solid capital and liquidity position. The bank has strong fundamentals and the priorities we need to address are clear. Building on our strategy and strong market positions, I am determined to deliver results in the years to come.”Key figures and indicators (in EUR millions) Q1 2020 Q1 2019 Change Q4 2019 Change Operating income 1,924 2,081 -8% 2,101 -8% Operating expenses 1,300 1,327 -2% 1,384 -6% Operating result 624 754 -17% 717 -13% Impairment charges on financial instruments 1,111 102 314 Income tax expenses -92 174 87 Profit/(loss) for the period -395 478 316 Cost/income ratio 67.6% 63.8% 65.9% Return on average Equity -8.7% 9.2% 6.0% CET1 ratio 17.3% 18.0% 18.1% ABN AMRO Press Office Jarco de Swart Senior press officer email@example.com +31 20 6288900 ABN AMRO Investor Relations Dies Donker Head of Investor Relations firstname.lastname@example.org +31 20 6282282 This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation) Attachment * ABN AMRO reports net loss of EUR 395 million in Q1 2020
Dutch bank ABN Amro <ABNd.AS> said on Monday it expected the economic impact of the coronavirus outbreak to drive it to a loss in the first quarter, while it scrapped dividend payouts until at least Oct. 1. ABN Amro said last week that its clearing business had suffered a net loss of around $200 million during the market turmoil sparked by the coronavirus pandemic. It added that the economic fallout of the fight against the coronavirus had significantly increased its costs overall, which would lead to a loss in the first three months of the year.
ABN Amro's <ABNd.AS> clearing business has suffered a net loss of around $200 million (168 million pounds) after an unidentified U.S. client got into difficulties during the market turmoil sparked by the coronavirus pandemic, the Dutch bank said on Thursday. Shares in the bank fell around 5% after it said it was forced to liquidate the U.S. client's position, after the customer - which traded U.S. options and futures - failed to meet minimum risk and margin requirements. ABN said the pretax loss was about $250 million and it would book the provision for the loss in its first quarter results.
Dutch bank ABN Amro <ABNd.AS> and chipmachine maker ASML <ASML.AS> on Wednesday ordered large parts of their staff to start working from home, as the number of people infected with the coronavirus in the Netherlands jumped sharply. ABN Amro said it had split its 14,000 Dutch employees in two groups, which will alternate between working at home and from the office a week at a time. ASML said it had taken similar measures for around 10,000 employees in the Netherlands, effective from Thursday.
German authorities on Thursday confirmed a raid at Dutch bank ABN Amro <ABNd.AS> related to a dividend tax stripping case known as cum-ex, the Cologne state prosecutor's office said. "We can confirm that we are carrying out measures at ABN Amro in Frankfurt within the cum-ex context," a spokesman for the authority said. The raid is an escalation in efforts to holds dozens of people and global banks to account for a sham trading scheme to make double tax reclaims that Germany estimates cost it more than 5 billion euros ($5.43 billion) in total, though experts believe the sum could be much higher.
Europe has emerged as a key region for hatching and scaling fintech companies. Dublin-based Fenergo builds solutions for banks and other financial management companies to help with regulatory compliance, customer onboarding and other "lifecycle management" requirements. The funding is coming from two investors: the multinational banking giant ABN AMRO (via its Ventures arm) and DXC Technology, which provides a wide range of IT, systems integration and consulting services to businesses (and thus a key partner for a company like Fenergo).
The Dublin-based firm, which helps global banks with regulation, said that it had raised the money in a funding round involving Dutch bank ABN Amro.
Two letter bombs exploded on Wednesday at two separate locations in the Netherlands but nobody was hurt in the incidents, which police blamed on an extortionist who had demanded payment in bitcoin. Both explosions were minor, one at an ABN Amro bank mail-sorting office in Amsterdam and the other 225 km (140 miles away) in a mail room of Japanese electronics group Ricoh, police said. "The police believe the most likely scenario is that the letter discovered on Wednesday was one of several letter bombs sent to locations across the country," they said in a statement, referring to the Amsterdam incident.
Souring energy loans eroded ABN Amro's <ABNd.AS> fourth quarter profit growth, it said on Wednesday, prompting the Dutch bank to launch another review of its trade and commodity finance operations. "The offshore sector still gives us a headache, we had a serious and unexpected amount of impairments there," Chief Executive Kees van Dijkhuizen told reporters. Shares in the Dutch bank fell 5.6% by 1005 GMT, the biggest loser by far on Amsterdam's blue-chip AEX index, after ABN said net profits were flat in the last quarter of 2019 at 316 million euros (£265.7 million).
ABN Amro said on Thursday that Robert Swaak, a former chairman of accounting firm PwC in the Netherlands, is to succeed Kees van Dijkhuizen as the Dutch bank's chief executive. Swaak will take over from Van Dijkhuizen at the company's annual meeting April 22, pending regulatory and shareholder approval, the bank said in a statement. Van Dijkhuizen has been ABN's CEO since 2017, and was CFO when the bank returned to the stock market in 2015 after it was nationalised during the 2008 financial crisis.
The Dutch financial regulator said on Thursday it had fined lender ABN Amro <ABNd.AS> 2 million euros (£1.7 million) for failing to inform the market about the imminent departure of its chief executive officer in 2016. Dutch financial daily Het Financieele Dagblad in July 2016 reported that ABN had started to look for a successor for CEO Gerrit Zalm, who was expected to announce his retirement before the end of that year. Financial market regulator AFM said ABN's refusal to disclose its plans after the publication of the article was a "serious and grave" breach of transparency rules, aimed at making sure that all investors are informed about important news at the same time.
Law enforcement officials in Germany raided the Frankfurt offices of ABN Amro <ABNd.AS> on Tuesday, seeking information in connection with a broader investigation into dividend stripping, the bank said. A spokesman for ABN said it was cooperating with the authorities and that German officials had also contacted its head office in Amsterdam for information, but had not raided it. Dividend stripping, known as cum-ex, typically involves cross-border trading of company shares around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each of whom was entitled to a tax rebate.
Dutch bank ABN Amro said on Wednesday it would not charge negative interest on deposits up to 100,000 euros ($110,200), as it comes under political pressure to shield retail clients from the effects of ultra-low interest rates. European banks are grappling with the consequences of the European Central Bank's September decision to cut its key deposit rate further into negative territory, making it tougher for them to earn money from their traditional lending business. Dutch finance minister Wopke Hoekstra in September said he would talk to banks about the consequences of negative interest rates, but resisted calls by politicians for an outright ban of them on smaller deposits.
ABN Amro <ABNd.AS> on Wednesday became the first of the three big Dutch banks to bow to political pressure and promise not to apply negative interest rates to savings accounts of less than 100,000 euros (£86,120.66). The banking industry is grappling with the consequences of the European Central Bank's September decision to cut its key deposit rate further into negative territory, making it tougher to earn money from traditional lending. Many banks, including ABN Amro which is still 56% government owned, already charge negative interest rates on deposits held by large clients and have lowered the rates they offer on smaller savings accounts close to zero.
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Sale of shares in equensWordline to Worldline completed On 24 July, ABN AMRO announced the sale of its remaining 7% interest in equensWordline to Worldline, subject to regulatory approval in the Netherlands. Today, ABN AMRO announced the completion of the transaction. ABN AMRO has realised a modest book gain as a result of the sale. The interest in equensWorldine was revalued at market value on a quarterly basis. ABN AMRO Investor Relations Tel +31 6 1005 5247 email@example.comABN AMRO Press Relations Tel + 31 (0)6 1276 3059 firstname.lastname@example.orgAttachment * PB-equensworldline-30-09
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.