The end of ABN Amro
// October 31st, 2007 // No Comments » // My Personal Journey
I don’t often blog about my current employer, ABN Amro. In fact, the only previous post regarded a giant inflatable whale and our funding/sustainability dilemma over Shell’s Sakhalin-II project- a dilemma which was fortuitously removed when Russia’s Gazprom took over the project in Dec 2006. Since then of course there has been a great deal happening here. For those outside the industry, the 183 year old ABN AMRO, ranked eigth in Europe and 13th in the world, with more than 4,500 branches in 53 countries, a staff of over 110,000 and total assets of €999 billion, has been bought out by a consortium of three multinational banks in what amounted to the largest ever bank takeover in history.
The Consortium (Royal Bank of Scotland, Fortis, Santander) were successful in outbidding Barclays (eventually offering $98.3bn including $92.1bn in cash), in a six-month long game of economic, legal and regulatory chess, reminiscent of Burrough and Helyar’s Barbarians at the Gate. Much can be said on the dangers and opportunities of this move; the complex financial, labor and social ramifications that will unfold. Speculation at this early stage is merely that, speculation. And the biggest lesson I’ve had in watching this process, has been in seeing the common-wisdom change every week; a new set of “obvious” assumptions adopted to replace the old set- equally “obvious” and equally inadequate in predicting what will really occur. We need too look to actions, to decisions made, policies changed, businesses, positions and markets opened and closed. Until then we can only speculate on all possibilities and preclude nothing. The real game will play out over the next few years to decide whether we have witnessed an evolution in the market or a disaster in the making.
Whichever course is taken by the new owners, something important will be lost with the passing of ABN Amro. Last night I went to the farewell of a close colleague of mine, Jan Versteeg, who has been with the Bank for thirty-six years. There are a surprising number of life-long employees here- individuals who have given decades, given their life’s work, to ABN Amro. They form a great intangible, non-tradable asset, a spirit of trust and loyalty that I’m glad to see is largely mirrored in their treatment by the organisation. It is a common spirit that forms the very heart of this Bank’s identity, a commitment and a belief that has supported it’s growth and expansion over the centuries. Jan’s leaving fittingly symbolises the passing of this spirit and the end of the essence of ABN Amro itself.






Natasha Mitchell: Well the key Indigenous way that you weave in to your workshops is this concept of deep listening — tell me what it is. 

