The bank plans to transfer some of its international commodities business clients to Amsterdam
The Dutch bank ABN Amro is winding down its operations in Dubai owing to limited scale and will transfer some of its existing clients in international commodities business to Amsterdam, according to a brief statement in the bank’s first quarter report published on Monday.
According to The National ABN Amro plans to close down their Dubai office over the course of this year, pending regulatory approval; the amount of business for the bank in Dubai did not justify the overheads of having a branch in the emirate.
While the bank has not generated enough volume of business in Dubai unlike some of the other international lenders, it has done well elsewhere. The bank's first-quarter net income of EUR595 million beat estimates for profit of about EUR575 million in a Bloomberg survey of six analysts.