ABN AMRO BANK N.V. Recent research commissioned by ABN AMRO has revealed that some of ABN AMRO's legal predecessors were involved in the slave trade, plantation slavery and the trade in products that originated in slavery during the 18th and 19th centuries. Slavery caused untold suffering, and ABN AMRO apologises for the actions and activities of these predecessors.
ABN AMRO asked the International Institute of Social History (IISH) to perform historical research into the involvement of the bank's predecessors in slavery during the 18th and 19th centuries. According to that research, ABN AMRO's predecessor Hope & Co. played a pivotal role in the international slave economy of the 18th century. Not only were slavery-related operations a source of much of Hope & Co.'s profits, the firm was also actively involved in the day-to-day business of plantations. Mees en Zoonen, another of ABN AMRO's predecessors, brokered insurance for slave ships and shipments of goods harvested by enslaved persons.
The IISH research team was led by Senior Researcher Dr Pepijn Brandon. "The research has provided new information about how historical predecessors of ABN AMRO were involved in slavery, and about the larger financial sector in which they operated. Hope & Co. was the largest financial and commercial company in the Netherlands at the end of the 18th century, and slavery-related operations formed a core part of its business. While Mees & Zoonen was smaller, slavery was an intrinsic part of that firm's operations as well. Decisions made in offices in Amsterdam and Rotterdam directly impacted the lives of thousands of enslaved persons."
ABN AMRO's CEO Robert Swaak adds, "ABN AMRO has a proud history going back more than 300 years. However, we must also recognise that it has a darker side as well. ABN AMRO as it exists now cannot undo that period of its history. We are aware that, even though slavery has been abolished, the past injustices have persisted. ABN AMRO apologises for the past actions and activities of these predecessors and for the pain and suffering that they caused."
The bank has been involved in a dialogue with representatives of the communities of descendants of enslaved persons to discuss the research findings. One of the results of that dialogue was that, in addition to an acknowledgment of the suffering, those communities also want to see concrete measures to help improve the structural social disadvantages facing descendants of enslaved persons.
As a bank which has 'Banking for better, for generations to come' as its purpose, ABN AMRO today is strongly committed to help improve social inequality conditions, and promote diversity and inclusion both inside the bank and in society as a whole. The findings and conclusions of the IISH research reinforce our commitment to these goals.
ABN AMRO will therefore continue its dialogue with the community representatives to explore further ways to benefit from the bank's existing efforts and develop or support new initiatives. We will account for our efforts and achievements on this topic in our Annual Integrated Report. A recent example of such an initiative is the Social Impact Covenant that ABN AMRO as the first major commercial institution signed with the City of Amsterdam, containing arrangements about work experience placements and traineeships with the bank, debt relief programmes and procurement of local goods and services in Amsterdam's Zuidoost district.
ABN AMRO wants to be a reflection of society. Diversity & Inclusion is an important theme for the bank, and increasing cultural diversity is one of the spearheads of its efforts. ABN AMRO is actively committed to promoting human rights in the face of continuing violations, even in this day and age, and we actively engage our clients, our own people and society as a whole in a dialogue to discuss this issue. Together with the ABN AMRO Foundation, the bank works hard to create greater equity for children and young people: for example, the ABN AMRO Foundation has partnerships with nearly 80 primary schools where more than half the pupils come from vulnerable home situations. Over 6,500 of the bank's people work with those children to help them uncover their talents and interests. Finally, we will ensure that the new knowledge of these shadow sides in ABN AMRO's history, unveiled by the IISH research, will permanently take its place in the banks own public historical accounts.
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ABN Amro Bank NV published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2022 13:14:01 UTC.
