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ABN AMRO Bank N.V. Annual Report 2020 ABN AMRO Annual Report 2020 About this report Introduction Strategy & Welcome to ABN AMRO’s 2020 Annual Report performance The purpose of this report is to provide information about ABN AMRO’s Risk, funding & capital financial and non-financial performance in compliance with regulatory requirements. Leadership & governance Our ‘core and more’ approach to reporting Annual Financial The Integrated Report is the ‘core’ report covering our Statements 2020 Impact Annual business, strategy and performance. Its primary purpose Report Report is to explain how, over time, we create value for our Other stakeholders – not only as a provider of banking and other Value- Non- financial services, but also as a responsible employer and creating Integrated financial data & Report Engagement an active contributor to society as a whole. topics Human The Integrated Report takes information from a number Pillar 3 Rights of ‘more’ reports that are published at the same time. Report This Annual Report is one of our ‘more’ reports - these reports are designed to regularly provide further details on information in the areas of risk and capital The financial information contained in this Annual Report management, sustainability performance, disclosures on has been prepared in accordance with International human rights, and background information (see illustration). Financial Reporting Standards (IFRS) as adopted by the For a list of our other corporate reports, please refer to our European Union (EU IFRS). Certain sections of the Risk, website: abnamro.com. funding & capital chapter of this Annual Report contain audited information and are part of the Consolidated Annual Presentation of information Financial Statements. Audited information in these sections The Annual Report 2020 consists of the Introduction is labelled as ‘Audited’ in the respective headings. All capital chapter, the Executive Board report (chapters: Strategy & metrics and risk exposures in this chapter are reported performance, Risk, funding & capital and Leadership & under the Basel III (CRD IV/CRR) framework (unless governance), the Report of the Supervisory Board, the otherwise stated). All capital figures and ratios, including Annual Financial Statements and Other information. comparatives, are shown on a fully-loaded basis (unless otherwise stated) . The Company Annual Financial Information provided in the Annual Report is not an offer, Statements comply with Title 9, Book 2 of the Dutch Civil investment advice or financial service. The information in Code, and apply the EU IFRS valuation principles which this Annual Report is not intended to encourage any person are also applied in the Consolidated Annual Financial to buy or sell any product or service from ABN AMRO Statements. This report is presented in euros (EUR), which Bank, or to be used as a basis for an investment decision. is ABN AMRO Bank’s functional and presentation currency, A decision to invest in products and services of ABN AMRO rounded to the nearest million, and sets out the results for Bank N.V. can and should be based on the information in the entire ABN AMRO Bank organisation worldwide (unless this Annual Report in conjunction with information included otherwise stated). All financial year-end averages in this in a definitive prospectus and the Key Investor Information report are based on month-end figures. Management does (if and to the extent required). not believe these month-end averages present trends that are materially different from those that would be presented by daily averages. Certain figures in this report may not tally exactly due to rounding. In addition, certain percentages in this document have been calculated using rounded figures. ABN AMRO Annual Report 2020 / 1 To download this report or obtain more information, Å More information on how Covid-19 impacted our clients Introduction please visit us at abnamro.com/ir or contact us at and how we supported them is provided in the Strategy [email protected]. The definitions and section (page 18) and in the Business performance Strategy & abbreviations used in this report can be found on the sections: Retail Banking (page 40), Commercial Banking ABN AMRO website via abnamro.com/annualreport. (page 44), Private Banking (page 47) and CIB (page 51). performance Å Update on Covid-19 in the Risk, funding & capital review Covid-19 section (page 93) provides additional details on the relief Risk, funding & capital 2020 was dominated by the effects of Covid-19 on both the measures offered to our clients to provide them with bank and our clients. While it is difficult to estimate the liquidity. A description of the risk process changes made Leadership & specific impact of Covid-19, we expect the effects of the during the year is also included. pandemic to persist into 2021. Numerous Covid-19-related Å The Operational (non-financial) risk section (page 79) in governance topics are touched upon throughout this report: the Risk, funding & capital management section includes Å An overview of the different Covid-19-related effects can more information on business continuity management. Annual Financial be found in the Introduction by the CEO (page 4). Å More information on the impact of Covid-19 on our Statements 2020 Å An explanation of the impact of Covid-19 on the global credit risk profile is included in Key developments economy, and more specifically on the Dutch economy, (page 89) and Credit risk (page 96) in the Risk, funding Other can be found in the Economic environment section & capital review section. (page 10). Å More details on dividend are provided in the Capital Å More details on changes to regulations in response to (page 136) in the Risk, funding & capital review section. Covid-19 are provided in the Regulatory environment Å The impact of Covid-19 on remuneration in 2020 can be section (page 14). found in the Remuneration report in the Leadership & governance chapter (page 181). ABN AMRO Annual Report 2020 / 2 Table of contents Introduction Strategy & performance Risk, funding & capital 3 167 Introduction Leadership & governance Leadership & Introduction by the CEO 4 Introduction to leadership & governance 168 governance Key figures and profile 6 Executive Board and Executive Committee 168 ABN AMRO shares 8 Supervisory Board 173 Annual Financial Economic environment 10 Report of the Supervisory Board 176 Statements 2020 Regulatory environment 14 General Meeting and shareholder structure 183 Codes and regulations 187 Other Legal structure 190 Remuneration report 191 Responsibility statement 202 17 Strategy & performance Strategy 18 Bank performance 25 Business performance 39 203 Annual Financial Statements 2020 Consolidated Annual Financial Statements 2020 204 Notes to the Consolidated Annual Financial Statements 211 Company Annual Financial Statements of ABN AMRO Bank N.V. 293 Notes to the Company Annual Financial Statements 59 of ABN AMRO Bank N.V. 297 Risk, funding & capital Introduction to risk, funding & capital 60 Risk, funding & capital management 61 Risk, funding & capital review 88 Management Control Statement 146 Additional risk, funding & capital disclosures 149 311 Other Independent auditor’s report 312 Other information 321 Cautionary statements 323 Enquiries 324 ABN AMRO Annual Report 2020 / 3 Introduction Introduction Introduction by the CEO Key figures and profile ABN AMRO shares Economic environment Regulatory environment This chapter provides an introduction by the CEO on the year 2020. Additionally, it includes the key figures and profile, Strategy & performance ABN AMRO shares, and it describes the environment in which the Bank operated during the same period. Risk, funding & capital Leadership & governance Introduction by the CEO 4 Annual Financial Key figures and profile 6 Statements 2020 ABN AMRO shares 8 Other Economic environment 10 Regulatory environment 14 ABN AMRO Annual Report 2020 / 4 Introduction Introduction by the CEO Introduction by the CEO Key figures and profile Introduction Our trusted relationships with clients, together with our ABN AMRO shares 2020 was a year like no other, full of change and paradigm- capabilities across all client segments, enable us to support shifting events – not only because of the Covid-19 them at all important financial steps in their lives. We deliver Economic environment pandemic, but also due to heightened concerns over a convenient daily banking experience increasingly digitally. Regulatory environment climate and social change. The Covid-19 pandemic is first At moments that matter, we support our clients with sector and foremost a crisis of personal health and the effects and sustainability expertise. We will focus on attractive have taken a toll on all of us; flexibility and resilience were segments where we can grow profitably, building on our Strategy & put to the test. Social cohesion and solidarity are key to strong market positions across all segments. Our clients performance overcome a pandemic and over the last year we have increasingly need expertise to support them in the witnessed how governments, businesses, interest groups sustainability shift and we are their first-choice partner in Risk, funding & capital and communities have taken responsibility and acted climate change, the circular economy and social impact. together. As many of us stayed home, we looked to We are building a future-proof bank by rigorously simplifying connect and support each other. One effect is that the and centralising our operating model, enabling us to focus Leadership & adoption of digital technologies has been accelerated and on clients and work more efficiently. governance that many of these changes will be here for the long haul. The start of the roll-out of vaccination programmes at the The wind-down of the CIB non-core portfolio as announced Annual Financial end of 2020 provides perspective and brings us closer to at Q2 was a first step towards bringing focus and scale in the start of a new normal. CIB. We are making good progress and we have seen a Statements 2020 strong decline in the portfolio, mainly in Trade & Commodity Navigating the bank through Covid-19 has been a priority in Finance.
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