ABN Amro: unveils 200 million dollar loss in market havoc
(CercleFinance.com) - ABN Amro said on Thursday it will incur a net loss of 200 million dollars (about 180 million euros) on one of its US clients due to the market meltdown that has followed the outbreak of COVID 19.
The Dutch bank said this US client - which had a specific strategy of trading US options and futures - has failed to meet the minimum risk and margin requirements following extreme stress and dislocations in US markets.
To prevent further losses, ABN Amro has decided to close-out positions of this client.
This impact will be included in the bank's first quarter results, it said.
The ABN Amro was down almost 4% on Thursday morning on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The Dutch bank said this US client - which had a specific strategy of trading US options and futures - has failed to meet the minimum risk and margin requirements following extreme stress and dislocations in US markets.
To prevent further losses, ABN Amro has decided to close-out positions of this client.
This impact will be included in the bank's first quarter results, it said.
The ABN Amro was down almost 4% on Thursday morning on Euronext Amsterdam.
Copyright (c) 2020 CercleFinance.com. All rights reserved.