NETHERLANDS – Dutch bank ABN Amro has taken a net charge of 804 million euros under US accounting rules relating to its pension obligations.

The bank said in a statement that its shareholders’ equity decreased by 1.0 billion euros, or 8.5%, of which the bulk was pension related.

“The total amount charged to equity in relation to pensions in 2002 was 804 million euros (net),” it said.

Under US accounting rules the calculation of pension obligations encompasses future compensation levels, ABN Amro said. “This more conservative stance led to an increase of the pension obligations.”

Separately, ABN Amro’s asset management business had 149 billion euros under management at the end of 2002. The unit posted revenues up 15.7% to 133 million euros in the fourth quarter and a profit of 20 million euros.

Due to the uncertain global economy, the bank did not give an outlook for its 2003 earnings.

The bank also said that it is currently finalizing a review of its structure to allow shareholders a greater say in the overall corporate governance of the firm.

Overall, the bank posted a net profit for 2002 that was up 2.1% to 2.41 billion euros

Topics