capabilities between Belgium’s Fortis and ABN AMRO will create a
powerful new wealth force in Asia and the Middle East, with $30
billion in clients assets under management, according to ABN
officials.
Under the Royal Bank of Scotland (RBS) consortium’s counter-bid to
Barclays for ABN, consortium member Fortis will take over the Dutch
group’s international private banking and asset management
operations. If RBS succeeds, a combined ABN-Fortis private bank in
Asia should be the sixth largest, the officials indicated.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Barend Janssens, head of ABN’s private bank in Asia, said if the
merger goes ahead, the combined ABN-Fortis unit would have 50
percent more client assets more than the $20 billion that ABN
private bank currently manages for its clients in Asia. The highly
regarded Janssens has just been voted by PBI readers as Asian
Private Banker of the Year in PBI’s 2007 Awards.
Significantly, two senior executives have lately departed from
Fortis in Singapore, making it likely that Janssens will head the
combined unit, according to knowledgeable bankers in
Singapore.
Fortis’s Henk de Glint has joined UBS as executive director in
Singapore, where he will be key client manager for a number of
countries, including Malaysia. Kees Stoute has joined EFG Bank,
also in Singapore, as managing director, to help the Swiss bank’s
current push in Asia. Both bankers are described by associates as
“heavy hitters”. Fortis does not seem to have appointed senior
replacements.
Janssens has declined to comment on his future plans in detail, but
has said: “Despite the uncertainties surrounding the bank’s
corporate future, ABN AMRO Private Banking has been able to grow
the business strongly in Asia. I will continue to drive the team to
stay focused on delivering our promise to the clients and the
targets we have set.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
