Dutch bank ABN AMRO said today its purchase of some of ING Barings' US operations was a stepping stone in its strategy of building its US wholesale banking business and that there was more to come.
The bank said it planned substantial investment in US equity markets in a bid to double its market share to 4 per cent in the next two to three years and achieve a top 10 US position in the primary market.
"We recognise that we have to further invest, and we have to further invest substantial amounts over the next two to three years," said Mr Nick Bannister, head of global equities.
Managing board member Mr Wilco Jiskoot declined to give a precise expenditure figure on the investment to achieve that goal.
"Further acquisitions would be add-on and not major," Mr Jiskoot said.
Reuters