Business

ABN Amro executives renounce €100,000 bonus

ABN Amro building Image copyright Getty Images

Six managing directors at the Dutch bank ABN Amro have renounced a €100,000 ($109,000; £73,000) bonus after a "public commotion", the bank says.

ABN Amro said the outcry over the allowance, which was partly to compensate for tougher laws on bankers' bonuses, was "detrimental" to clients, employees and public trust.

"We understand and regret the turbulence that has arisen," it said.

ABN Amro was nationalised in 2008 during the financial crisis.

The statement from the bank continued: "Now that our remuneration is the subject of discussion and threatens to affect the future of ABN Amro, we are putting the interests of the bank and the public first - as we always do - and have decided to renounce the allowance.

"We hope this will bring the bank in calmer waters."

The Dutch government had been planning to take the bank public this year, but that was put on hold after news emerged of the extra pay.

The Dutch Finance Minister Jeroen Dijsselbloem welcomed the latest move and said that the government would now go ahead and discuss the stock market listing.

ABN Amro's latest earning report showed the bank made an underlying profit of €1.5bn ($1.6bn; £1.1bn) in 2014.

In 2007, it was acquired by the Royal Bank of Scotland, Santander and Fortis and, in effect, broken up.

But when the financial crisis hit the industry, the Dutch government had to bail out the remaining parts of ABN and Fortis to the tune of €30bn.

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