ABN Amro exits trade, commodity finance in corporate bank shake-up

Write-offs at ABN’s corporate bank hit 1.4 billion euros in the first half, up from 128 million euros a year before, as oil and gas sector loans soured along with the economic outlook and large Asian clients got into trouble.

It also had nearly $300 million in outstanding loans to Singapore-based Hin Leong Trading, whose founder admitted to hiding hundreds of millions of dollars in losses. The clearing and European parts which ABN aims to keep, however, were not without their own problems as impairments jumped to 591 million euros in the second quarter.

ABN took a $200 million first quarter loss on clearing after a U.S. hedge fund missed its margin requirements.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ABN Amro quits trade and commodity financing in corporate bank overhaulDutch bank ABN Amro said on Wednesday its investment bank will end all trade and commodity financing operations, as the unit's focus turns solely to Northwest Europe and clearing activities to reduce risks.
Source: Reuters - 🏆 2. / 97 Read more »

ABN Amro quits trade and commodity financing in corporate bank overhaulDutch bank ABN Amro said on Wednesday its investment bank will end all trade and commodity financing operations, as the unit's focus turns solely to Northwest Europe and clearing activities to reduce risks.
Source: Reuters - 🏆 2. / 97 Read more »

More cash, less buzz for 2020 investment bank internsBuzzing trading floors, classrooms and networking drinks have been replaced by online projects, 'hackathons' and fitness sessions for the class of 2020 investment banking interns.
Source: Reuters - 🏆 2. / 97 Read more »