ABN Amro chairman Groenink to quit bank

The decision follows the recent announcement that RBS, Santander and Fortis, and not Barclays Bank, will determine the future of the 183-year-old Dutch bank. As Groenink stated: "In April, the bank wholeheartedly embraced a merger with our partner of choice as the next step in our long-term strategy. Shareholders have now chosen for the consortium's offer. That is why it is appropriate for me to make way for a successor who is willing and able to execute the consortium's plan.”

Groenink started his career working for Amro Bank in 1974. After various roles in both the national and international business, he was appointed to the managing board in 1988. In the nineties he shared responsibility for the investment banking business and was solely responsible for the Netherlands business unit. In 2000 he was appointed chairman of the managing board of ABN Amro.

Groenink will step down on the day ABN Amro holds an extraordinary general meeting of shareholders (EGM). ABN Amro will convene an EGM at short notice to vote on the appointment of new members of the supervisory board and the managing board. The bank will announce the date and agenda for the meeting as soon as possible.