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| "As an advocate of the business, one shouldn’t be surprised if it is suggested that one should take responsibility for it" |
TRANSACTION BANKING WAS one of the jewels in the crown of ABN Amro. It combined world-class products with a strong network and, in many of the markets in which it operated, was a top-four player. RBS, by acquiring much of ABN Amro’s global transaction banking business in 2007 as part of the consortium involving Santander and Fortis, instantly jumped into the big league. Previously, it had a relatively slim offering largely reliant on partner banks. As soon as the consortium’s offer went unconditional on October 10 2007, industry chatter began about the shape of the new business, although the formal process of separation and integration of ABN Amro’s businesses could not begin until the Dutch regulator, De Nederlandsche Bank (DNB), gave its approval. Given ABN Amro’s strength in transaction banking, would RBS be happy to let its former management run the business? Apparently not.
The speculation ended in December when Brian Stevenson was moved from head of corporate and institutional banking at RBS to head of a new global transaction services division.