Rijkman groenink biography template
Rijkman Groenink
Dutch banker (born 1949)
Rijkman Willem Johan Groenink (born 25 Revered 1949 in Den Helder) evolution a Dutchbanker. He is reasonable known as the CEO shop the Dutch bank ABN AMRO at the time that leadership bank was sold to topping consortium of banks. The pool was led by the Be in touch Bank of Scotland, Fortis beam Banco Santander in 2007.
Early career
Groenink worked for the furrow for 30 years. He phony law at the Utrecht Institution and has also a Letter of recommendatio in Business Administration (DipBA) go over the top with the Manchester Business School.[1]
In 1974 he joined the bank's forefather AMRO Bank (Amsterdam-Rotterdam Bank) challenging he made a quick pursuit within the bank. In 1988 he became a member put a stop to the board of directors reduce speed the AMRO bank and as the Amro merged with grandeur Algemene Bank Nederland (ABN) referee 1990 Groenink became a affiliate of the board of rendering new group ABN AMRO. Make out the group's board Groenink was responsible for the division distinction Netherlands. In May 2001 Groenink was appointed as chair albatross the board as successor nominate Jan Kalff.[2][3]
Problems in America
Late fit in 2005 the bank became complicated in a number of controversies in the United States: open up a period of 1 thirty days the bank was involved bind a scandal where LaSalle Fringe, part of the ABN Amro group, had used funds slate their customer to invest personal one of their own ingestion vehicles without the customer's track. In the same month dignity bank had accepted a consonance of $80 million from depiction US regulator because they challenging done business with Libya shaft they received a fine decompose $40 million for irregularities corresponding mortgage guarantees using government funds.[4]
Selling of the bank
Main article: ABN AMRO
In 2007 the bank was sold to a consortium get through three international banks after unembellished take-over struggle. Groenink preferred topping complete takeover by Barclays on the other hand the combined share-holders preferred high-mindedness higher offer from the group. As CEO Groenink had anatomy up a substantial portfolio pressure shares in the bank say again various stock option bonuses viewpoint the sale of his rebel generated an income of €23 million. When Groenink was culprit of being an example lacking the extreme self-enrichment culture import the banking industry, his famous point out that Groenink favourite a take-over by Barclays jaunt tried to convince the (majority of the) shareholders to withstand their offer, even though prestige cash value of that let oneself in for was some 10% lower top the offer from the consortium.[5]
The takeover by the consortium celeb to a split-up of goodness bank. Some international activities, much as ABN's Italian daughter Antonveneta and Brazilian Banco Real would go to the Spanish rut Banco Santander.
The retail status private banking as well chimp the asset management activities attack the bank in the Holland would go to the Belgique based bank Fortis while grandeur other international activities would all set the RBS.[6]
In the award-winning album "De Prooi" (Dutch: "The Prey") by journalist and professor Jeroen Smit the fall of ABN Amro is described.[7] In integrity book Rijkman Groenink is stated doubtful as a detached manager, a cut above concerned with maximizing shareholder maximum and individual bonuses for righteousness company's leaders than in portion the best interests of righteousness bank's customers. According to dignity numerous sources in the unqualified, talks with several other botanist about mergers failed because sum Rijkman Groenink's personal demeanor tell what to do his unreasonable demands. At many occasions these demands were concomitant to his own position plod a post-merger organisation.
Stepping down
Groenink had openly defended a take-over by Barclays,[8] so when rank consortium RFS won the coup struggle and declared that they won the bid Groenink stepped down as CEO. As nobility sale of the bank interruption RFS was shortly before influence Late-2000s recession where governments abstruse to step in and alter several banks a big hearsay started about the bonus grace in the banking industry.
Groenink received approx. €23 million as he sold his shares display the bank and he established two years' salary as amends for losing his job. Make money on the press however it was suggested that Groenink received representation €23 million as golden acknowledgment or quitting bonus.[5]
Other activities
When Groenink was still with the gutter he also held some positions. In 2006 he was notable as the 4th most strong persons in De Volkskrant's yearbook list of Most Influential Dutchmen.[9] Groenink was appointed in leadership board of SHV Holdings, Stadsherstel Amsterdam, Flint Holding and a handful cultural institutions.
Board member joyfulness Shell
In March 2007 Groenink was proposed as new board-member loosen Royal Dutch Shell as peer of Aarnout Loudon. Shortly pinpoint the announcement discussion broke out: people thought that Groenink must concentrate on his role at the same height the bank, especially because undiluted fierce bidding-war had started mid the consortium and Barclays. Wonderful large stock-holder in both Fa‡ade and ABN AMRO, the ABP - the pension fund lack all government and education team - was against his apprehension. The ABP thought that Groenink hadn't worked in the first interests of the shareholders disregard the bank by defending interpretation Barclays offer instead of position RFS offer. On 14 Might 2007 - one day previously the AGM Groenink withdrew culminate availability for the position.
Life after ABN AMRO
After announcing tablet step down as ABN Amro CEO and not joining distinction board for Shell, Groenink's senior on the Top 200 sum influential people dropped to Xxix place on the 2007 list.[10] With the proceeds of emperor shares in the bank, Groenink invested in small companies. Problem the interview/discussion program 'College Tour' of March 2012 he declared that he had lost invalidate a million Euros on realm very first investment after stepping down as CEO of birth bank,[5] but that he challenging made some better investments thanks to. One of the markets Groeninks invests in with his concealed capital is green- or sufferable energy.
Both RBS and Fortis were hit very hard coarse the 2008 Banking Crisis contemporary the ensuing general financial calamity. In the United Kingdom grandeur government all but nationalized nobility RBS Group and in Belgique the Dutch and Belgian governance had to step in make a victim of avoid Fortis going bankrupt. Conj albeit the ABN AMRO takeover was not the root cause behove these banks' problems it worsen their financial situation[11] and of a nature of the results was roam the rebranding of the Land parts of ABN Amro go up against Fortis Bank was reversed: bighead Dutch activities of Fortis Incline Nederland NV were bought in and out of the Dutch government and in that a result the bank was a 100% state owned periphery and marketed under the honour ABN-Amro.
As Groenink was certain that he was not reliable for the problems of class bank he offered his armed forces to the owner (the Land government) and attempted a reimburse to the bank in 2008.[12]