(PRESS RELEASE) AMSTERDAM, 20-Dec-2019 — /EuropaWire/ — ABN AMRO has announced that its ABN AMRO Private Banking Belgium and Société Générale Belgium have now been officially merged. The deal, originally announced back in July 2018 as a form of acquisition of Société Générale Belgium by ABN AMRO Private Banking Belgium, has now been concluded administratively and legally into the form of a merger between the two banks.
The merger between both banks as combined with current market conditions will have consequences for employment as this has been announced in early December when an extraordinary works council meeting was held in regard to the merger.
According to the bank, some 15% to 20% of the jobs in its Private Banking division could be impacted between 2020 and 2022 and those affected have already been informed earlier this month (December 2019). As to the positions expected to be be affected by the merger, the bank says it is not yet known. Furthermore, in accordance with legal requirements, a process of information and consultations with employees and unions is now under way.
Commenting on the merger, Solange Rouschop, CEO of Private Banking ABN AMRO Belgium, said:
“We are proud to have welcomed clients and employees of Société Générale Private Banking Belgium. In addition to a solid market position, we expect this merger of two similarly large organisations to yield some important synergies. Unfortunately, it has also led to the difficult situation that an estimated 15% to 20% of the jobs in our Private Banking division may be impacted. We will do everything we can to work out a plan, together with the social partners, that represents the interests of both employees and the organisation.”
According to the bank there will be no consequences for clients post the deal as they can count on receiving the same service they are used to.
ABN AMRO has now strengthened its market position in Belgium and its position as a leading private bank in the eurozone with the combination of the activities of Société Générale Private Banking in Belgium with the existing private banking activities of ABN AMRO in Belgium.
According to ABN AMRO, scale is important considering persistently low interest rates, rapidly changing client behaviour and stricter regulations. In Belgium, ABN AMRO’s assets under management have doubled to approximately EUR 12 billion.
Geert van der Varst
Press Officer Retail & Private Banking
+31 (0)612 038 000
SOURCE: ABN AMRO