ABN AMRO Group NV

Founded in 2009 as the result of a merger and privatisation measure by the Dutch government, ABN AMRO Group NV is a banking and financial services group located in Amsterdam. The group consists of several subsidiaries: ABN AMRO Netherlands, ABN AMRO Private Banking, the International Diamond and Jewelry Group, and Fortis Bank Netherlands. The primary reasoning behind the formation of the group was the 2007 financial crisis. After nationalising the group, the Dutch government slowly began to divest its shares in preparation for a 2011 IPO. ABN AMRO Group NV, traded as ABN.NV on the Euronext, was able to raise almost $5 billion in its initial public offering. Shares were sold at €17.75 euros each, giving the company a valuation of €16.7 billion. Similar to many other financial institutions, ABN AMRO Group NV was not immune to the infamous Bernie Madoff scandal. The group posted a loss of €1 billion as the result of the fraud, due to loans from its subsidiary Prime Fund Solutions. After the revelation of the dastardly deed, the Dutch government was considering legal action to recoup some of the losses on behalf of ABN AMRO Group NV. Don’t miss your chance to trade ABN.NV stock. Start now.