ABN Amro is raising the entry threshold for private banking in the Netherlands from 500,000 to 1 million euros as of 1 June. In Belgium, the Dutch bank is rebranding its private banking arm under the MeesPierson label, part of a broader ambition to become a top-three player in the four countries where it offers wealth services: the Netherlands, Belgium, France, and Germany.
The shift was confirmed in a recent conversation with Investment Officer by Choy van der Hooft-Cheong, ABN Amro’s chief commercial officer for wealth management and member of the executive board, and Alen Zeljkovic, who leads client engagement across the wealth unit.
“The private banking market has evolved significantly,” said Zeljkovic. “Wealth has become a key strategic pillar for banks. Unlike corporate banking, private banking is not capital-intensive, has diversified revenue streams, and is expected to grow five to six percent annually in the coming years.”
Focus on strategic acquisitions
To accelerate its growth, ABN Amro is eyeing further acquisitions across its four core markets. Following the 2023 acquisition of Hauck Aufhäuser Lampe in Germany, Van der Hooft said the bank is actively scouting opportunities: “We have strong positions in each market, but there’s still room to grow. We’re prepared to expand our footprint through strategic acquisitions—though only in those four countries.”
The bank already holds strong positions in the Netherlands and Germany—ranking number one and three, respectively. In France, it operates through Neuflize OBC and ranks fifth. Belgium remains the smallest contributor to the bank’s 239 billion euros in wealth assets under management (as of year-end 2024), ranking seventh or eighth depending on the metric.
New push in Belgium with MeesPierson brand
To improve its positioning in Belgium, ABN Amro is launching the MeesPierson brand—long associated with its Dutch operations. The move is a response to market research showing that Belgian clients did not sufficiently associate the bank with entrepreneurship, a key focus for ABN Amro’s value proposition.
“Belgian clients and prospects responded positively to the MeesPierson name,” Zeljkovic said. “It conveys international reach and entrepreneurial spirit, traits that distinguish us in a competitive market dominated by retail-affiliated private banks.”
‘One Private Bank’ strategy across four markets
The brand harmonisation is part of a broader integration push initiated in 2017, aligning the bank’s formerly independent private banking units in Belgium, Germany, France and the Netherlands. ABN Amro has unified investment policies, client segmentation, and product offerings under a “One Private Bank” strategy.
This shift has enabled cross-border scalability. For example, the bank’s private equity offering—originally developed in Germany—has been rolled out across all markets. “We now raise capital for funds simultaneously across all four countries,” said Van der Hooft. “We look at where each market’s strengths lie and leverage them across the group.”
System integration has also been achieved, allowing faster regulatory compliance and ongoing digitalisation of the client journey. “We’re not done yet, but progress is strong,” Van der Hooft added.
Digital pivot and segment differentiation
The updated strategy reflects a broader evolution in client expectations. Van der Hooft noted a convergence in client needs across countries, driven by the international outlook of entrepreneurial clients. “Norms and values are becoming more aligned. There’s a clear trend towards a more unified European private banking model.”
Yet complexity is increasing for high-net-worth clients, especially those with portfolios exceeding 1 million euros. These clients now expect more sophisticated solutions, including structured products and private equity exposure. “We’re seeing a shift. Wealthier clients want more tailored expertise, while those below 1 million euros tend towards simpler, digital, or passive solutions,” Zeljkovic explained.
Shift from private to preferred banking
The bank is implementing a segmentation shift for clients below the new 1 million euro threshold in the Netherlands. These clients will be serviced through ABN Amro’s Preferred Banking platform, which offers digital-first services and expert advice via chat and video calls—but without a dedicated private banker.
Over the coming months, private bankers will proactively engage with affected clients to discuss transitioning to the new model. Internally, ABN Amro has reorganised teams to better serve the two distinct segments. “We’ll need more specialists for the upper tier and fewer generalist bankers. Some employees will move to Preferred Banking or potentially explore roles outside the bank,” said Zeljkovic.
This article was originally published in Dutch on InvestmentOfficer.nl.