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Annual Report 2005

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Annual Report 2005 annual report 2005 ABN AMRO Holding N.V. AA_AR05_Omslag_E.indd 1 21-03-2006 15:34:23 AA_AR05_Omslag_E.indd 1 21-03-2006 15:34:23 Profile ABN AMRO • is a prominent international bank with European roots dating back to 1824 • has over 3,500 branches in almost 60 countries and territories, a staff of about 97,000 full-time equivalents worldwide and total assets of EUR 881 billion as of year-end 2005 • is listed on Euronext (Amsterdam, Brussels and Paris) and the New York Stock Exchange. Our business strategy is built on five elements: 1 Creating value for our clients by offering high-quality financial solutions that best meet their current needs and long-term goals 2 Focusing on: - consumer and commercial clients in our local markets in Europe, North America, Latin America and Asia and globally on: - selected multinational corporations and financial institutions - private clients 3 Leveraging our advantages in products and people to benefit all our clients 4 Sharing expertise and operational excellence across the Group 5 Creating ‘fuel for growth’ by allocating capital and talent according to the principles of Managing for Value, our value-based management model. We aim for sustainable growth to benefit all our stakeholders: our clients, our shareholders, our employees, and society at large. In pursuing this goal we are guided by our Corporate Values (integrity, teamwork, respect and professionalism) and Business Principles. Acting with integrity is at the heart of our organisation: by complying in each of the markets in which we operate with the relevant laws and regulations, the bank safeguards its reputation and its licence to operate. Meeting the highest compliance standards is seen as the basis for true competitive advantage. Therefore ABN AMRO strives to serve as the benchmark for the financial industry. We implement our strategy through a number of Business Units (BUs). Each of these units is responsible for managing a specific region, a distinct client segment or a product segment. Our BUs also share expertise and operational excellence, seek opportunities for standardisation, and exploit new market solutions to provide clients with even better products and services. These BUs are (as of 1 January 2006): • Five regional Client BUs: the Netherlands, Europe, North America, Latin America and Asia. These BUs serve almost 20 million consumer and commercial clients worldwide. ABN AMRO is one of the world’s leading players in these segments • Two global Client BUs: The BU Private Clients provides private banking services to wealthy individuals and families and has EUR 131 billion assets under administration as of year-end 2005. The BU Global Clients serves a select group of multinational clients AA_AR05_Omslag_E.indd 2 21-03-2006 15:34:25 AA_AR05_Omslag_E.indd 2 21-03-2006 15:34:25 • Three global Product BUs: Global Markets, Transaction Banking and Asset Management - Global Markets transacts and develops products for all our client segments - Transaction Banking is our product organisation covering all payments and trade in the bank for our consumer and commercial clients - Asset Management, which is one of the world’s leading asset managers, operates from over 20 locations worldwide and, as of year-end 2005, manages EUR 176 billion worth of assets for private investors and institutional clients. To provide all our clients with even better products and services, we have created a cross-BU Consumer Client Segment and a cross-BU Commercial Client Segment. These segments focus on aligning the Client BUs with the Product BUs, sharing best practices and exchanging winning formulas across the Group in order to deliver high-quality solutions to our client bases across the world. Our relationship-based approach and our unique combination of clients, products and geographical markets have enabled us to build a strong competitive advantage in the mid-market segments, which represent our ‘sweet spot’. We aim to increase this advantage on a continuing basis, both by growing our mid-market client base and improving our product capabilities. grand cru haute couture skyscraper forest AA_AR05_Omslag_E.indd 2 21-03-2006 15:34:25 Potential In November 2005 ABN AMRO presented a new global brand campaign, aiming to bring the bank’s tag line ‘Making more possible’ to life. The campaign shows the potential of what everyday objects can become (see inside cover). For this Annual Report we created a spin-off of this campaign, showing the potential of our long term views and the things that we believe in. Contents Contents Chairman’s letter 4 ABN AMRO snapshot 8 Figures at a glance 8 2005 diary 10 Group strategy 11 Business in brief 17 Supervisory Board 20 Audit Committee 24 Nomination & Compensation Committee 25 Compliance Oversight Committee 27 Corporate governance 29 The Dutch corporate governance code 29 US corporate governance 31 Shareholders’ influence 31 Supervisory Board 32 Managing Board 34 Compliance 37 Sustainable development 39 Core businesses 41 Consumer & Commercial Clients 42 BU Netherlands 43 BU North America 45 BU Brazil 50 BU New Growth Markets 52 BU Bouwfonds 55 Wholesale Clients 59 BU Private Equity 62 BU Private Clients 64 BU Asset Management 67 Transaction Banking 71 Group Shared Services 73 Group Functions 75 Human Resources 78 2 Contents Risk management 81 Framework 81 Organisation structure 81 Risk measurement 83 Credit risk 85 Loan portfolio and its composition 87 Provisioning policies 88 Doubtful and non-performing loans 88 Country risk 90 Cross-border risk 90 Sovereign risk 91 Operational risk 91 Market risk 92 Interest rate risk (non-trading) 92 Currency risk (non-trading) 93 Liquidity risk 93 Regulatory capital 94 Basel II 96 The Sarbanes-Oxley Act 97 Shareholder information 99 Financial statements 109 Accounting policies 112 Consolidated financial statements 128 Notes to the consolidated financial statements 133 Major subsidiaries and participating interests 205 Company financial statements 209 Notes to the company financial statements 214 Other information 217 Auditors’ report 218 Stipulations of the articles of association with respect to profit appropriation 218 Stipulations of the articles of association of Holding and trust office with respect to shares and voting rights 219 Proposed profit appropriation 220 Subsequent events 220 Comparison of the corporate government regulations based upon the Dutch corporate governance code and the US Sarbanes-Oxley Act of 2002 (SOXA) 221 ABN AMRO Holding N.V. 225 Curricula vitae 226 Organisation of ABN AMRO Bank N.V. 227 European Staff Council 228 Dutch Central Works Council 229 Glossary 230 Abbreviations 233 Publications 236 3 Chairman’s letter Dear Shareholder, On behalf of the Managing Board, I am writing you about our performance in 2005. We achieved strong results during the year, driven by strong organic growth in all our consumer and commercial client businesses. This organic growth reflects the benefits of our continuing focus on the strong local relationships we have with our mid-market clients, supported by our high-quality global product capabilities. These factors, in combination with stable provisions and a lower effective tax rate, enabled us to report a highly satisfactory increase of 13.4% in net profit attributable to our shareholders. In addition, we will propose to the General Meeting of Shareholders a full year dividend of EUR 1.10 per ordinary share for 2005, which is an increase of 10 euro cents compared with 2004. The improvement in our performance is all the more satisfying as it means we more than made up for the loss of income from LeasePlan, a non-core but very profitable asset that we sold in 2004. It is also a good indication that our mid- market strategy is now firmly established and delivering results. In terms of the goals we announced for the period from 1 January 2005 to 31 December 2008, we are making progress towards reaching our objectives of an average return on equity (ROE) of 20% and a top five total return to shareholders (TRS) position in our peer group of 20 banks by the end of 2008. We reported an average ROE for 2005 of 23.5%. While we finished in seventh place in the 2002-2005 cycle, for the TRS cycle 2005-2008 we were in 12th place at the end of 2005. Nevertheless, we know there is much more untapped potential across the bank. The realignment of our organisational structure with our mid-market strategy, as announced on 14 October 2005, was really the next logical step. We have created the Group Business Committee (GBC) in order to drive coordination across the Client and Product Business Units (BUs) as well as the segments and Services, and to realise the available synergies. The GBC coordinates on an operational level while the Managing Board retains full responsibility for setting the Group’s strategy and for managing its performance. This realignment created five regional Client BUs, three Product BUs, two global Client BUs and a Services organisation. It also led to the unbundling of Wholesale Clients (WCS). By opening up our WCS organisation, we are able to make our high quality WCS products available to all our mid-market customers in every region, which should lead to strong organic revenue growth in the coming years. To support this ambition, the Managing Board is very happy that it has been joined from 1 January 2006 by three new colleagues: Huibert Boumeester, Piero Overmars and Ron Teerlink. Their presence on the Managing Board will help us to optimise the execution of our mid-market strategy in the coming years and to capitalise on the capabilities available 4 across the bank to better serve all our clients. Chairman’s letter We will do everything within our control to reach our ambitious goals in the coming years, but not at the expense of integrity.
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