AMSTERDAM: ABN Amro Bank NV posted a higher-than-expected loss and provisions in the first quarter, prompting new chief executive officer Robert Swaak to ramp up a review of the investment bank as he seeks to return the Dutch lender to profitability.
The bank set aside €1.1bil (US$1.2bil) to cover the cost of loans going bad, more than expected, and said the figure may rise to €2.5bil. The lender reported a net loss of €395mil, its first in seven years, partly related to its exposure to two clients.
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