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FINANCIALS: ABN CEO Stepping Down: Unlikely A Credit Event

FINANCIALS

ABN-Amro (ABNANV: Baa1/BBB/A) CEO, Robert Swaak, is stepping down unexpectedly. He was only reappointed for a further term at the recent AGM, so this is certainly a surprise. 

  • Both spreads and equity have performed in line with €IG banks YTD and more recently so the market isn’t expecting anything untoward. 
  • It’s unusual, especially in a regulated entity like a bank and a “national champion” like ABN for this to be reflective of an underlying credit event. However, the possibility cannot be totally ruled out.
  • Results are due on 7-Aug, there’s been little indication from peers (BNP, ING) of negative trading in ABN’s home market.
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