ABN Amro's CFO Van Dijkhuizen to become new CEO

Tue Nov 8, 2016 3:34pm EST
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By Toby Sterling

AMSTERDAM (Reuters) - ABN Amro (ABNd.AS: Quote) said on Tuesday it has chosen Kees van Dijkhuizen, the current Chief Financial Officer who helped the Dutch bank through its privatisation, as Chief Executive Officer to succeed Gerrit Zalm.

Van Dijkhuizen joined ABN in 2013 and helped in its initial public offering of shares last year.

Zalm, the former Dutch finance minister who took over ABN in 2009 after its nationalisation in the wake of the global financial crisis, announced in September his intention to step down.

ABN was nationalised together with the Dutch parts of the now defunct Fortis bank in 2008 as it hurtled toward a bankruptcy that would have threatened the Dutch banking sector. Its nationalisation cost taxpayers billions of euros.

In a statement, ABN said Van Dijkhuizen's appointment would be effective on approval by regulators, which it expects by mid February 2017.

Van Dijkhuizen held various posts at the Finance Ministry, eventually rising to the position of Treasurer General, before moving to the private sector as CFO of NIBC Bank from 2005-2013.

ABN said in a statement that Van Dijkhuizen, 61, would focus the bank on catering better to its clients, growing sustainably, and being "sensitive to society".

Due to public anger over the bail-outs of ABN and other Dutch financial services companies, bonuses in the Dutch banking sector have been capped at 20 percent of base pay, far more restrictive than the 100 percent cap elsewhere in the European Union.   Continued...

The head office of ABN AMRO bank is seen in Amsterdam, the Netherlands May 29, 2007. REUTERS/Koen van Weel/File Photo