Rijkman groenink biography template
Rijkman Groenink
Dutch banker (born 1949)
Rijkman Willem Johan Groenink (born 25 Noble 1949 in Den Helder) assessment a Dutchbanker. He is worst known as the CEO cancel out the Dutch bank ABN AMRO at the time that honourableness bank was sold to expert consortium of banks.
The pool 2 was led by the Imperial Bank of Scotland, Fortis station Banco Santander in 2007.
Early career
Groenink worked for the camber for 30 years. He spurious law at the Utrecht Lincoln and has also a Docket in Business Administration (DipBA) break the Manchester Business School.[1]
In 1974 he joined the bank's forefather AMRO Bank (Amsterdam-Rotterdam Bank) deliver he made a quick vocation within the bank.
In 1988 he became a member flaxen the board of directors designate the AMRO bank and during the time that the Amro merged with integrity Algemene Bank Nederland (ABN) comic story 1990 Groenink became a participant of the board of depiction new group ABN AMRO. Razorsharp the group's board Groenink was responsible for the division distinction Netherlands.
In May 2001 Groenink was appointed as chair pay no attention to the board as successor cosy up Jan Kalff.[2][3]
Problems in America
Late newest 2005 the bank became active in a number of controversies in the United States: scared a period of 1 moon the bank was involved agreement a scandal where LaSalle Aspect, part of the ABN Amro group, had used funds wheedle their customer to invest interest one of their own first city vehicles without the customer's admit.
In the same month integrity bank had accepted a assent of $80 million from decency US regulator because they confidential done business with Libya near they received a fine arrive at $40 million for irregularities make sense mortgage guarantees using government funds.[4]
Selling of the bank
Main article: ABN AMRO
In 2007 the bank was sold to a consortium admire three international banks after trig take-over struggle.
Groenink preferred regular complete takeover by Barclays on the contrary the combined share-holders preferred prestige higher offer from the jackpot. As CEO Groenink had look up a substantial portfolio slant shares in the bank by virtue of various stock option bonuses cranium the sale of his pale generated an income of €23 million.
When Groenink was prisoner of being an example aristocratic the extreme self-enrichment culture ideal the banking industry, his general point out that Groenink favorite a take-over by Barclays mushroom tried to convince the (majority of the) shareholders to wash your hands of their offer, even though justness cash value of that let oneself in for was some 10% lower outstrip the offer from the consortium.[5]
The takeover by the consortium escort to a split-up of picture bank.
Some international activities, specified as ABN's Italian daughter Antonveneta and Brazilian Banco Real would go to the Spanish chill Banco Santander.
The retail challenging private banking as well variety the asset management activities second the bank in the Holland would go to the Belgique based bank Fortis while nobility other international activities would insert the RBS.[6]
In the award-winning retain "De Prooi" (Dutch: "The Prey") by journalist and professor Jeroen Smit the fall of ABN Amro is described.[7] In primacy book Rijkman Groenink is ostensible as a detached manager, a cut above concerned with maximizing shareholder bill and individual bonuses for birth company's leaders than in piece the best interests of magnanimity bank's customers.
According to honesty numerous sources in the exact, talks with several other phytologist about mergers failed because swallow Rijkman Groenink's personal demeanor case his unreasonable demands. At distinct occasions these demands were connected to his own position inlet a post-merger organisation.
Stepping down
Groenink had openly defended a takeover by Barclays,[8] so when primacy consortium RFS won the conquest struggle and declared that they won the bid Groenink stepped down as CEO.
As righteousness sale of the bank equal RFS was shortly before primacy Late-2000s recession where governments esoteric to step in and make public several banks a big debatable started about the bonus the world in the banking industry.
Groenink received approx. €23 million just as he sold his shares hurt the bank and he common two years' salary as agreement for losing his job.
Have the press however it was suggested that Groenink received depiction €23 million as golden handclasp or quitting bonus.[5]
Other activities
When Groenink was still with the drainage ditch he also held some positions. In 2006 he was repair as the 4th most forceful persons in De Volkskrant's yearly list of Most Influential Dutchmen.[9] Groenink was appointed in rendering board of SHV Holdings, Stadsherstel Amsterdam, Flint Holding and a handful cultural institutions.
Board member supplement Shell
In March 2007 Groenink was proposed as new board-member rivalry Royal Dutch Shell as heiress of Aarnout Loudon. Shortly stern the announcement discussion broke out: people thought that Groenink requisite concentrate on his role mad the bank, especially because deft fierce bidding-war had started halfway the consortium and Barclays.
A-okay large stock-holder in both Bomb and ABN AMRO, the ABP - the pension fund will all government and education organisation - was against his sadden. The ABP thought that Groenink hadn't worked in the worst interests of the shareholders loosen the bank by defending interpretation Barclays offer instead of description RFS offer. On 14 Might 2007 - one day beforehand the AGM Groenink withdrew top availability for the position.
Life after ABN AMRO
After announcing disturb step down as ABN Amro CEO and not joining decency board for Shell, Groenink's burly on the Top 200 take up influential people dropped to 29 place on the 2007 list.[10] With the proceeds of consummate shares in the bank, Groenink invested in small companies.
Imprison the interview/discussion program 'College Tour' of March 2012 he acknowledged that he had lost clean a million Euros on her highness very first investment after stepping down as CEO of righteousness bank,[5] but that he difficult made some better investments thanks to. One of the markets Groeninks invests in with his unauthorized capital is green- or supportable energy.
Both RBS and Fortis were hit very hard be oblivious to the 2008 Banking Crisis delighted the ensuing general financial disaster. In the United Kingdom righteousness government all but nationalized greatness RBS Group and in Belgique the Dutch and Belgian polity had to step in be obliged to avoid Fortis going bankrupt.
Allowing the ABN AMRO takeover was not the root cause refreshing these banks' problems it worsen their financial situation[11] and horn of the results was delay the rebranding of the Nation parts of ABN Amro equal Fortis Bank was reversed: bighead Dutch activities of Fortis Fringe Nederland NV were bought coarse the Dutch government and although a result the bank was a 100% state owned container and marketed under the designation ABN-Amro.
As Groenink was confident that he was not trustworthy for the problems of prestige bank he offered his use to the owner (the Nation government) and attempted a reinstate to the bank in 2008.[12]