Official Paper from ABN: Why The Bank Halts Physical Gold Delivery
by homment | 12.04.2013 | Views: 117
See also: ABN Amro Halts Physical Gold Delivery
Official Paper from ABN:Until 2009, ABN AMRO owned a small, separate bank that traded in physical gold. It was called HBU (Hollandsche Bank Unie) and was located in Rotterdam. Due to the merger of ABN AMRO and Fortis Bank Netherlands in 2009, ABN AMRO was forced by the European Commission to sell part of its commercial banking portfolio in the Netherlands to Deutsche Bank. This sale also included HBU in Rotterdam. Part of the sales agreement was that clients who would be transferred to Deutsche Bank could still make use of the facilities of ABN AMRO until they would be fully integrated into the Deutsche Bank systems. Vice versa Deutsche Bank continued the HBU services (including gold accounts) to ABN AMRO clients. ABN AMRO never offered gold accounts itself, it was dependent on HBU for this service.
However, Deutsche Bank announced end of last year that it would cease the HBU activities in the Netherlands (including gold accounts) as per 1 April 2013 and also cease serving ABN AMRO clients. So from 1 April 2013, ABN AMRO could not longer make use of the HBU facilities. To continue providing gold accounts to its clients, ABN AMRO found a new provider, UBS. We have informed our Dutch clients of this change in a letter. The change of provider also comes with a change of conditions of the service provided.
I hope this information if helpful.
ABN AMRO Bank N.V.