ABN AMRO Bank NV

ABN Amro Bank NV Formerly known as ABN AMRO Group NV. ABN Amro Bank NV is a bank based in the Netherlands. The Bank provides various banking and financial services, including payments, savings, investments, loans, mortgages and insurances. Its payment solutions include debit cards and credit cards, as well as Internet and mobile banking. The savings services include fixed and flexible savings accounts and deposits, as well as children's savings. Investment services comprise asset management, investment advice and self-directed investing, among others. The insurance products by the Bank include travel insurances, life insurances, valuables insurances, liability and legal insurances and car insurances, among others. The Bank serves both private and business clients.
  • TickerABN
  • ISINNL0011540547
  • ExchangeEuronext Amsterdam
  • SectorBanks
  • CountryNetherlands
ING
Suvi Platerink Kosonen

ABN AMRO/Can you see through the tears?

ABN AMRO's earnings were weak on many fronts in 2Q20 as the bank booked substantially higher impairments and its revenues were under considerable pressure. Loan quality metrics took a turn weaker with a higher NPL ratio. The bank hiked its impairment guidance for the full year 2020 and it will prove a challenge to report a profit for the year. On a more positive note, the considerable CIB structuring, while pressuring near-term profitability, is likely to result in a more balanced risk position in the longer term relieving capital, a positive for creditors. Furthermore, the resilient capital m...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/ABN AMRO, Belfius and E.ON

Financials - ABN AMRO: Weak 2Q20 with high credit costs, more to come; Belfius Bank: 2Q20 hit by the high credit costs. Utilities - E.ON: Outlook 2020 cut on Covid-19 but we do not expect impact on spreads

ING
ING Helpdesk

Benelux Morning Notes

Company comments ABN AMRO: Taking action -35% RWA reduction (or €14bn) in CIB Avantium: Patience please Just Eat Takeaway.com: Profitability strongly beats expectations

Guy Sips ...
  • Jason Kalamboussis
  • Wim Hoste

Morning Note: ABN NA, AVTX NA, FFARM NA, JEN BB

ABN Amro: Turning the page, Closing our negative stance Avantium: Catalysis impacted by Covid-19, support from grant ForFarmers: 1H20 preview Jensen-Group: No improvement to previous levels before 2022

Matthieu DRIOL

Short term view - ABN AMRO GROUP NV-CVA : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €20.95. The bearish trend would be challenged above €24.81.

Matthieu DRIOL

Analyse court terme - ABN AMRO GROUP NV-CVA : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 20,95 €. La tendance baissière serait remise en cause au-dessus de 24,81 €.

Matthieu DRIOL

Analyse court terme - ABN AMRO GROUP NV-CVA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 20,95 €, puis 20,40 €. Le franchissement de 24,81 € remettrait en cause la suite de la baisse.

Matthieu DRIOL

Short term view - ABN AMRO GROUP NV-CVA : The trend is bearish.

The trend is bearish. The movement goes on. The next target is at €20.95, then €20.40. Passing €24.81 would question the continuation of the fall.

Matthieu DRIOL

Analyse moyen terme - ABN AMRO GROUP NV-CVA : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

ING
ING Helpdesk

Benelux Morning Notes

Company comments ABN AMRO: Taking action -35% RWA reduction (or €14bn) in CIB Avantium: Patience please Just Eat Takeaway.com: Profitability strongly beats expectations

Guy Sips ...
  • Jason Kalamboussis
  • Wim Hoste

Morning Note: ABN NA, AVTX NA, FFARM NA, JEN BB

ABN Amro: Turning the page, Closing our negative stance Avantium: Catalysis impacted by Covid-19, support from grant ForFarmers: 1H20 preview Jensen-Group: No improvement to previous levels before 2022

ING
ING Helpdesk

Benelux Morning Notes

Aalberts: A tumultuous first half of the year. ABN AMRO: CIB review outcome and impairments in focus. KBC: 2Q20 preview; expect 2020 guidance to be upheld. Marel: Preview - a volatile second quarter. Randstad: strong beat on 2Q20, strong FCF, comforting trends in Q2 and into Q3. Unilever: 1H results set to disappoint. Van Lanschot Kempen: In profit after 1Q20 loss -capital return in hands of the regulator

Jean Sassus ...
  • Steven Gould

ODDO : Update - COVID-19: adjustments, but hierarchy confirmed

>Downward revision to our estimates / KBC remains our Top Pick - Our assessment of the health / macroeconomic / regulatory situation leads us to adjust our earnings forecasts for the period 2020-2022e. We revise downward our net profit forecasts by 3%, 8% and 20% on average for KBC, ING and ABN Amro, respectively. Most of the adjustment concerns 2020, with the cost of risk being the main factor, given the gradual improvement in visibility on the impact of the crisis.§...

Jean Sassus ...
  • Steven Gould

ODDO : Point d’étape - COVID-19 : des ajustements, mais une hiérarchie confirmée

>Révision en baisse des estimations / KBC reste notre valeur favorite - Notre appréciation du contexte sanitaire / macroéconomique / réglementaire nous amène à ajuster nos anticipations de résultats sur la période 2020/2022e. Nous révisons ainsi en baisse nos estimations de RN de 3%, 8% et 20% en moyenne respectivement pour KBC, ING et ABN Amro. L’essentiel de l’ajustement porte logiquement sur 2020, avec pour principal facteur le coût du risque compte tenu de l’améli...

ING
Suvi Platerink Kosonen

ABN AMRO/Can you see through the tears?

ABN AMRO's earnings were weak on many fronts in 2Q20 as the bank booked substantially higher impairments and its revenues were under considerable pressure. Loan quality metrics took a turn weaker with a higher NPL ratio. The bank hiked its impairment guidance for the full year 2020 and it will prove a challenge to report a profit for the year. On a more positive note, the considerable CIB structuring, while pressuring near-term profitability, is likely to result in a more balanced risk position in the longer term relieving capital, a positive for creditors. Furthermore, the resilient capital m...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/ABN AMRO, Belfius and E.ON

Financials - ABN AMRO: Weak 2Q20 with high credit costs, more to come; Belfius Bank: 2Q20 hit by the high credit costs. Utilities - E.ON: Outlook 2020 cut on Covid-19 but we do not expect impact on spreads

ING
Julie Cichon ...
  • Marcel Klok
  • Maureen Schuller
  • Philippe Ledent
  • Suvi Platerink Kosonen

BNLX+ Financials/Who is best positioned to weather the storm?

Strategy and Supply: • Benelux financials spreads have recovered quite well from the March widening. Even so, Belgian preferred and Dutch insurance senior have more catching up to do. • Benelux financials' YTD supply is running clearly behind last year, especially driven by the slow first quarter. The TLTRO continues to act as a limit in 2H20.

ING
Suvi Platerink Kosonen

ABN AMRO/Hit by Covid-19 and low oil prices

ABN AMRO reported soft earnings for 1Q20 as it booked lower revenues and higher impairment charges. While the capital metrics declined, the distance to MDA remains very strong. We consider the bank well positioned to weather the weaker outlook. ABN AMRO indicates it will draw funds from the TLTRO that should reduce covered/senior supply for funding purposes. ABN AMRO's non-preferred senior paper has underperformed versus Benelux peers. We see value in the NPS ABNANV0.6 1/27 versus the Rabobank NPS and KBC HoldCo senior paper.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/05/2020 - ABN Amro

TP ICAP (Europe) S.A. | Recherche Crédit | Mercredi 13 mai 2020 ABN Amro (Conserver versus Achat) : Perte nette de -€395m au T1-20 Compagnies aériennes : Ryanair saisi la justice européenne concernant les aides accordées Commerzbank (Conserver) - T1-20 :  revenus de €1,9 md (-14,1%) CMA CGM (Vente) : Obtention un prêt de €1,05 md garanti à 70% par l'État français Thyssenkrupp (Achat) - S1-2019/20 : Perte opérationnelle de -€578m Harley Davidson : Emission d'une obligation d’un montant €650m et de maturité 3 ans Taux de défaut souve...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2020

The increase in Fortum’s stake in Uniper to 73.4% upends the two groups’ strategic priorities. In seeking to maintain an investment grade credit rating, Uniper might have to scale back its ambitions in terms of growth investments. In an environment where rivals are looking ahead to the future, Fortum and Uniper are uniting in adversity. We initiate coverage of Uniper with a Reduce rating and a target price of € 24.30. - Cf. company report published last evening. - ...

Alfred Glaser ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jean Sassus
  • Jean-Baptiste Rouphael
  • Marc Lavaud
  • Nicolas David
  • Olfa Taamallah
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 09/07/2020

La montée de Fortum au capital d’Uniper à 73.4% rebat les cartes des priorités stratégiques des deux groupes. La volonté de maintenir la note de crédit en catégorie « investment grade » pourrait se traduire par une réduction des ambitions d’Uniper en matière d’investissements de croissance. Dans un environnement où les concurrents se projettent dans l’avenir, Fortum et Uniper sont en train de s’unir dans l’adversité. Nous initions le suivi d’Uniper avec une opinion Alléger et un OC de...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/14/2020

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sebastien Malafosse
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/05/2020

...

Alain William ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Bruno Cavalier
  • Delphine Brault
  • Fatma Agnès Hamdani
  • Jean Danjou
  • Jean Sassus
  • Jean-François Granjon
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/30/2020

While the direct impact of COVID-19 is likely to be relatively limited, the consequences of the financial crisis will be more significant (lower equity markets, losses on fixed-income products). But solvency margins are set to remain robust. The sell-off in the sector (-29% YTD) looks overdone and we have upgraded our ratings on Allianz and Scor. We have cut our rating to Reduce vs Neutral on Hannover Re on valuation grounds (sizeable premium to the rest of the sector). AXA remains ou...

ABN AMRO BANK NV sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of ABN AMRO BANK NV (NL), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date June 26, 2020, the closing price was EUR 7.42 and its target price was estimated at EUR 5.37.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

ABN Amro Bank – AGM 22 April 2020

In general, ABN Amro Bank ("ABN AMRO") is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting.   Under ITEM 4a discharge of the executive board is sought. ECGS notes that ABN AMRO is currently being investigated by the Dutch public prosecutor relating to requirements under the Dutch Act on the prevention of money laundering and financing of terrorism (see below). As long as the results of this ongoing investigation are unclear, ECGS is unwilling to grant discharge to the members of the executive board. Accordingly, ECGS recommend...

Expert Corporate Governance Service (ECGS)

ABN AMRO - EGM 17 December 2019

In general, ABN AMRO is in compliance with the Dutch regulations relating to the organisation and procedures of the Extraordinary General Meeting.  Under ITEM 2c (iv), it is proposed to newly appoint Ms. Laetitia Griffith as Member of the supervisory board for a 4-year period. Based on the available information, Ms. Griffith would qualify as independent board member in accordance with provision 2.1.8 of the Dutch Corporate Governance Code. ECGS has no concerns over her appointment and accordingly recommends to vote FOR.

Expert Corporate Governance Service (ECGS)

ABN AMRO - 24 April 2019

In general, ABN AMRO is in compliance with the Dutch regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8, approval is sought to merge ABN AMRO Group with ABN AMRO Bank N.V. ECGS endorses the strategic rationale for the proposed merger and other than the estimated cost-savings, the merger will likely not have any impact on the operations of the Company. The (proposed) merger will furthermore not affect the rights of shareholders, holders of depository receipts, creditors and/or other stakeholders. ECGS has no (special) concerns over this proposal...

ABN Amro – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

proxy report 12/07/2018

On 5 February 2018 Ms Olga Zoutendijk announced her decision not to run for a second term as member of the Supervisory Board effective 1 July 2018 and to transfer her duties as Chairman of the Supervisory Board with immediate effect. The Supervisory Board proposes to appoint Mr Tom de Swaan as member and Chairman of the Supervisory Board for a term of four years.

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