The Ministry of Finance is setting out a new course for the companies that were acquired by the Dutch State: Fortis Bank Nederland, the Fortis-owned parts of the former ABN AMRO, Fortis Verzekeringen Nederland and Fortis Corporate Insurance.
Opportunities will be sought in due course for returning the insurance companies to the private sector. Fortis Bank Nederland and ABN AMRO Bank Nederland will form the basis of a strong new Dutch bank.
The new strategy is directed to ensure continuity for employees and customers; to restore and increase consumer confidence; represent the interests of the taxpayer; and contribute to a strong and healthy financial sector in the Netherlands with sufficient competition.
The State is a shareholder and is therefore not involved in the day-to-day management of the companies. The companies’ management will commit themselves to following the course that has been set out for the bank and the insurance firms.
Fortis Bank Nederland and ABN AMRO Bank Nederland will form the basis of a strong new Dutch bank. Alongside the other Dutch banks, it will ensure there is sufficient healthy competition. This will benefit both private individuals and businesses. ABN AMRO will be the new bank’s leading brand. The Dutch State will hold a stake in the new bank for a number of years at least. No sale will take place before 2011 at the earliest.
To ensure successful fresh start managing and supervisory boards of the banks and insurance companies were enhanced with new executives. Gerrit Zalm has been appointed as vice-chairman of the Managing Board of ABN AMRO Bank, chairman of the planned Integration Steering Committee and prospective CEO of the new bank. Gerrit Zalm possesses experience in politics and banking. He is acquainted with the history of Fortis or ABN AMRO.
Hessel Lindenbergh has been appointed as chairman of the Supervisory Board of Fortis Bank Nederland, member of the planned Integration Steering Committee, prospective chairman of the Supervisory Board of the new bank. Lindenbergh will focus on sustainable remuneration policy which does justice to the performance of employees and to the requirements of risk management.
The course set out by the Ministry of Finance was chosen in consultation with the Ministry of Economic Affairs and the Ministry of General Affairs, the managing and supervisory boards of the companies in question, and their works councils and trade unions. De Nederlandsche Bank, in its capacity as supervisory body, has indicated that it has no objection to the course set out.
We will not remain the shareholder of the bank for any longer than necessary, says Wouter Bos, Minister of Finance. In a few years we want to leave behind a strong bank that can stand on its own feet and which we can sell, with a profit to the taxpayer.
L.D.