ABN AMRO CEO Admits Mistakes in U.S. Operations

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006126-abn-amro-ceo-admits-mistakes-in-us-operat/

Dutch bank ABN AMRO NV on Monday admitted to making mistakes in its U.S. operations and said it would fully comply with U.S. rules in the future.

“We had persistent problems in our operations in New York. We found out that we were not fully compliant with the regulator,” ABN AMRO Chief Executive Rijkman Groenink said in a speech.

U.S. officials said last week ABN AMRO’s U.S. mortgage division would pay $16.9 million to settle charges the company made false claims on federally insured home loans.

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