RBS 2007 Annual Report Download - page 23

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RBS Group • Annual Report and Accounts 2007
ABN AMRO
Highlights
•Retail banking customer numbers in Asia increased
by 12% to 3.7 million, with growth driven principally by
Van Gogh Preferred Banking, our relationship banking
service for mass affluent clients.
•The number of credit cardholders in Asia grew by
18% to 3.3 million.
•Asia corporate banking income saw good growth
across the region in 2007.
•We opened 16 new branches across China, India,
Indonesia, Hong Kong and Malaysia.
Since we completed the acquisition of ABN AMRO in October
our confidence in the opportunities it offers the Group has
deepened. It brings many excellent people, strong franchises
and products, and extends our presence in the world’s fastest
growing markets, as well as further diversifying our income
streams. We expect to secure greater cost savings and revenue
benefits than originally anticipated.
We have made good progress on integration. Appointments
have been made to the Supervisory and Managing Boards
and to senior management positions. We have confirmed
which businesses RBS will retain. Migration to RBS brand
and model has begun.
While credit market activities reflected the prevailing market
conditions, equities, rates and financial institutions performed
well. Transaction banking maintained good momentum,
reflecting strong growth in cash management balances and
significant expansion in trade finance. International retail
banking businesses performed well over the whole of 2007.
Contribution (£m) – from date of acquisition 17 October 2007.
07 128
Combined with ABN AMRO,
RBS is now the leading corporate
bank in Europe in terms of
relationships with large corporates
and financial institutions. This is
the Paris office of ABN AMRO.
India is already an important
market for ABN AMRO. It has
a network of 28 branches.