ABN Amro has opened a new office in Dallas to do more business with energy, commodities and transportation clients.
The office, which opened this week, will focus on building the bank's U.S. and international lending to oil, gas and other energy operations. ABN Amro said it recruited an energy banking team from UBS Investment Bank for the office.
Besides Dallas, ABN Amro is planning to open similar offices in Moscow and Shanghai in the coming year and to expand its energy-sector business in Sao Paulo. ABN Amro's energy unit, based in Amsterdam, also has offices in Athens, Dubai, London, New York, Oslo and other cities.
"Our dual international strategy is to support the activities of Dutch clients around the world, while also building the global client franchises of our [energy, commodities and transportation], private banking and clearing businesses," Gerrit Zalm, chairman of ABN Amro, said in a press release. "ABN Amro has a long heritage and strong competitive positions" in the energy business "which will be strengthened by re-establishing our presence in selected key locations."
ABN Amro offers standard and structured banking services to clients in sectors such as commodity and trade finance, shipping, oil and gas. This includes asset-backed and working capital facilities, structured commodity and pre-export finance, letters of credit, collections, cash management and electronic banking.
