Announcement by ABN AMRO Private Banking Belgium

ABN AMRO Private Banking Belgium announced in July 2018 that it would acquire the private banking activities of Société Générale Belgium. The acquisition has been administratively and legally completed by means of a merger between both bank.

Early December, ABN AMRO Private Banking Belgium announced in an extraordinary works council meeting that the merger of the two banks, combined with current market conditions, will have consequences for employment. The bank estimates that around 15% to 20% of the jobs in its Private Banking division could be impacted between 2020 and 2022. All employees were informed early December. It is not yet known which positions will be affected. In accordance with legal requirements, a process of information and consultations with employers and unions is now being started.

Solange Rouschop, CEO of Private Banking ABN AMRO Belgium: “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.”

There will be no consequences for clients; they can count on receiving the same service they have always enjoyed.

By combining the activities of Société Générale Private Banking in Belgium with the existing private banking activities of ABN AMRO in Belgium, the bank has strengthened its market position in Belgium and its position as a leading private bank in the eurozone. Given persistently low interest rates, rapidly changing client behaviour and stricter regulations, scale is important in private banking. ABN AMRO’s assets under management in Belgium have doubled to approximately EUR 12 billion.