Deutsche Bank to cut 18,000 small Dutch clients
AMSTERDAM, April 11
AMSTERDAM, April 11 (Reuters) - Deutsche Bank, which has expanded in the Dutch market in recent years, said it plans to stop doing business with the bulk of its small corporate customers to cut losses and focus on big companies instead.
Deutsche Bank said on Thursday it will notify about 2,000 retail customers and 16,000 small businesses like restaurants, farms and foundations of the decision.
They represent about 70 percent of Deutsche Bank's total customers in the Netherlands and are all former ABN AMRO clients who were transferred to Deutsche Bank when it bought some ABN operations in 2010.
"In the next few months, we will contact the customers for whom Deutsche Bank Nederland NV is no longer the suitable bank to discuss the transfer to a different bank," Deutsche Bank said in a statement.
The German banking group announced a restructuring in September, including job cuts and asset sales, to meet tougher capital rules.
Plans to stop dealing with small Dutch customers was a consequence of this operation, a Deutsche Bank spokeswoman in the Netherlands said.
Deutsche Bank currently has about 23,000 former ABN AMRO clients, and a few thousand wholesale clients which were not from ABN AMRO, the spokeswoman said.
Deutsche Bank will continue to provide services for clients who do not want to switch to another bank, and will meet all contractual obligations, the spokeswoman said.
About 5,000 former ABN AMRO clients, which are mid-sized to larger companies, as well as Deutsche Bank's wholesale clients are not affected. (Reporting by Gilbert Kreijger; Editing by David Cowell)
- Scores rescued from sinking South Korean ferry, two dead: officials
- Ukraine launches 'gradual' operation, action limited |
- Casual pot use causes brain abnormalities in the young: study
- China economic growth slows to 18-month low in first-quarter |
- Americans increasingly prefer Democrats on healthcare: Reuters/Ipsos poll