ABN AMRO presents outcome of strategy review and hosts virtual Investor Update - Seite 2

We are a personal bank in the digital age, engraining the customer experience. Our trusted relationships with clients, together with our capabilities across all client segments, enable us to support them at all important financial steps in their lives. We offer both convenience and expertise. We deliver a convenient daily banking experience increasingly digitally. At moments that matter we support our clients with sector and sustainability expertise.

Sustainability is core to our purpose  
Our clients increasingly need expertise to support them in the sustainability shift. We are their first choice partner in climate change, the circular economy and social impact. We aim to increase the volume of sustainable client loans and investments from around one-fifth to one-third in 2024. We will lead by example and make our office buildings more energy efficient. We will redevelop one of our locations in Amsterdam into a Paris-proof workplace designed to facilitate the trend of remote working. Alongside this we will sell our head office building and lease back part of it. The transaction is expected to result in a book gain.

Future-proof bank enables client focus and efficiency
We are building a future-proof bank by rigorously simplifying and centralising our operating model, enabling us to focus on clients and work more efficiently. Around 90% of high volume processes will be digitalised end-to-end by 2024. We will further streamline the product portfolio by around 60% by 2024. As clients make the shift to digital we will continue to reduce the number of branches. Our financial coaches will continue to be available to clients who need support to ensure they maintain access to banking services.

We are fully committed to our moderate risk profile and our role as a gatekeeper of the financial system. Our culture and licence to operate remain clear priorities. We place great value on fostering a culture within the bank in which everyone feels respected and valued. Taking ownership, clear targets and accountability are key to execution and our licence to operate.

Guidance and targets reflect current cautious economic outlook
Safeguarding income in low-rate environment
The low interest rate environment and wind-down of the CIB non-core portfolio will continue to impact net interest income. We aim to safeguard income by growing market share in focus segments by 2 to 5 percentage points by 2024. We expect fees to recover when lockdowns lift and to grow strongly after that as we increasingly charge for our convenience and expertise.