Download E-books The Perfect Prey: The Fall of Abn Amro, Or What Went Wrong in the Banking Industry PDF

By Jeroen Smit

The inside of tale of the record-breaking takeover that caused the meltdown of the banking procedure and which has come to represent the worst excesses of the credits crunch. On October nine, 2007, the Royal financial institution of Scotland (RBS) celebrated its best function within the largest deal in banking background, a list seventy one billion euros for Dutch financial institution ABN Amro. trying to find an instantaneous revenue, the victors dismantled ABN Amro—and Holland's #1 financial institution ceased to exist. Shareholders and administration loved the spoils and the Netherlands misplaced the financial institution that were on the middle in their economic climate for 183 years. however the earnings have been an illusion—they easily were not there. twelve months later, RBS have been pressured into the most important rights factor in British company background, underwritten via the govt. So why used to be ABN Amro so poisonous? at the foundation of greater than one hundred twenty conversations with an important members concerned, Jeroen Smit reconstructs the downfall of a Dutch institution—a financial institution whose rotten center used to be so disguised by way of paper gains of billions each year. In little greater than a decade, one in every of Europe's biggest, longest verified banks went from strong predator to definitely the right prey.

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The minister of finance, Gerrit Zalm, used to be one of many names. along the previous minister of monetary affairs Hans Wijers, then a specialist with Boston Consulting crew. additionally Bert Heemskerk, a former Amro guy, who had left the financial institution in 1991 to develop into chairman of Van Lanschot Bankers. Jan Maarten de Jong advised Tom de Swaan, the quantity at DNB, the Dutch important financial institution. De Jong had identified De Swaan for years. Tom de Swaan could have cherished to became president of DNB, however the past summer season Nout Wellink were appointed Duisenberg’s inheritor. and because Wellink was once in simple terms years De Swaan’s senior, that place appeared now to have moved out of diversity. additionally, De Swaan had pointed out to De Jong task with a advertisement financial institution will be an fascinating prospect. Kalff came upon the assumption attention-grabbing. As a primary banker, De Swaan had an impeccable list. He could instantly be in line as a potential candidate for the chairmanship. And if another person received that submit, the board might have actually heavyweight leader monetary officer (CFO)in its midst. Kalff known one other profit: De Swaan was once neither ABN or Amro. It was once resolved that Jan Kalff could method Tom de Swaan within the new 12 months. because the yr drew to an in depth, the financial institution held its annual Christmas dinner for the higher echelon at Duin & Kruidberg. the complete board, normal managers and division managers have been anticipated, with companions. Kalff felt it very important: this casual mixture of investments bankers and senior executives may inspire the bank’s cohesion. The wines have been reliable. They got here from the bank’s cellars. Jazz pianist Tonny Eijk supplied an ideal musical atmosphere. The chairman had dedicated lengthy hours to the visitor record. He invited exposure guy Ruud Hoek to do the invites and reminded him that Groenink should still obtain a unmarried invitation, considering that he used to be nonetheless ‘not formally with’ Irene. yet that became out to be unfaithful. Rijkman Groenink and Irene Verboon married on 12 December 1997. Few on the financial institution knew approximately it. rarely a person from the financial institution used to be invited, now not even Hans ten Cate. certainly, it was once in basic terms prior to the marriage that Ten Cate heard approximately it from Henk Rutgers. Rutgers allow fall that he have been invited, as had Dolf Collee. whilst a ruffled Ten Cate got here for a proof, Groenink mentioned that the placement were frustrating. He hadn’t desired to invited the ABN Amro board to his marriage ceremony. it'll were an excessive amount of hassle. Paul Ribourdouille, the handling director who helped run the bank’s family department, had additionally now not been invited. yet to not miss Ribourdouille whereas inviting his different shut colleagues may were too painful. So he had determined to go away out one in every of his 3 common managers too. considering that he appeared all 3 both hugely, he selected the colleague who will be in a position to take care of the obvious snub top. the truth that Ten Cate hadn’t been invited used to be in reality the simplest praise he can have wanted for. Ten Cate thought of it a wierd and hazardous rationalization. It stirred his suspicions.

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