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ABN Amro Appoints Marguerite Berard as CEO, Marking Historic Leadership Change
ABN Amro has announced the appointment of Marguerite Berard, former BNP Paribas executive, as its new CEO, marking a historic moment as she becomes the first woman to lead one of the top three banks in the Netherlands.
In a significant move for the Dutch banking sector, ABN Amro has announced its intention to appoint Marguerite Berard as its new CEO. Berard, who previously served as the head of French commercial and personal banking at BNP Paribas, will replace Robert Swaak, who announced his resignation in August 2024. This appointment marks a historic moment for ABN Amro and the Dutch banking industry, as Berard will be the first woman to lead one of the top three banks in the Netherlands, alongside ING and Rabobank.
Berard's appointment is subject to regulatory approval and a green light from De Nederlandsche Bank, the country's central bank. If approved, she is set to begin her role on April 23, 2025, and will be introduced to the public during ABN Amro's general meeting of shareholders on the same day.
At 47 years old, Berard brings a wealth of experience to ABN Amro. Before joining BNP Paribas, she worked at French bank BPCE and served as an advisor to former French President Nicolas Sarkozy. Her tenure at BNP Paribas saw her tasked with improving the performance of the lender's retail division, though her efforts yielded mixed results. Berard left BNP Paribas abruptly in March 2024, and her departure sparked speculation about her potential as a successor to BNP Paribas CEO Jean-Laurent Bonnafe.
ABN Amro, which was nationalized during the 2008 financial crisis and re-privatized in 2015, has been gradually reducing the Dutch government's stake in the bank. The government, which held a 40.5% stake as of October, plans to further decrease its holding to approximately 30% through a trading plan. Despite these efforts, ABN Amro shares have risen around 15% over the past year but still trade below their 2015 introduction price of 17.75 euros.
Berard's appointment comes at a crucial time for ABN Amro as it navigates the challenges of a changing financial landscape and continues its journey towards full privatization. Her leadership is expected to steer the bank into its next phase of growth and success, building on her extensive experience in both the public and private sectors.
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