ABN AMRO must pay a fine of 15 million euros because the bank, despite a ban, still paid bonuses to seven managers. Supervisor De Nederlandsche Bank (DNB) has imposed the fine.
ABN has been in the hands of the State for years and has therefore been subjected to a bonus ban in the past. This applies not only to members of the executive board, but also to managers just below them.
Nevertheless, between 2016 and 2024, the bank paid bonuses to these managers totaling 1.5 million euros. ABN says it acted in good faith and misinterpreted the rules.
“ABN AMRO regrets this, is aware of the possible social impact and accepts the fine imposed by DNB,” the bank said in a statement.
In addition to a bonus ban, the bank was also prohibited from wage increases greater than those agreed in the collective labor agreement. Yet there was a manager who received increases of 11.4 and 28.8 percent in two consecutive years. This is while increases of 1.5 and 2.5 percent were agreed in the collective labor agreement over that period.
“The public’s trust in financial institutions is damaged by this violation, while banks fulfill an important social function for a well-functioning economy and society,” says DNB, which considers the violations to be serious.
ABN AMRO came into state hands in 2008, at the time of the credit crisis. Since then, shares have been sold several times, so that the State now owns less than a third of the shares.