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ABN Amro sets up advisory unit

img_0220ABN Amro has launched an Asian corporate finance advisory business, as the bank aims to expand its range of wholesale services for its energy, commodities and transportation clients. Operating from Singapore, the new division will work in countries including Australia, Bangladesh, China, Japan and Malaysia. The new advisory team will be led by Frank van Deur, Asia managing director of corporate finance and capital markets. The bank was an anchor tenant at One Raffles Quay, taking up six floors of the building when it was opened in 2006; the sign came down in 2008 when the bank had to sell many businesses, including its retail unit. The bank now employs 520 people in Singapore, of which 330 work for the private bank. In 2007, it employed 1,500 staff. Once one of the world’s largest banks, ABN Amro has since 2010 been reorganised into three business lines (outside the Netherlands) – private banking, ECT (energy, commodities, transportation), and clearing. Geographically, it focuses on north-west Europe, Asia and the Middle East. It is now in 22 geographies compared with 53 countries previously.

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