ABN Amro Credit card cuts credit limit


ABN Amro India has chopped the credit limit of some credit card customers to a tenth and raised the minimum amount payable to 7% of total dues from 5%, possibly to persuade them to surrender their cards as it draws closer to selling its retail operations to UK’s Hong Kong and Shanghai Banking Corp, or HSBC. 


ABN Amro, owned by UK’s troubled Royal Bank of Scotland, or RBS, has also decided to freeze fresh retail lending, including credit card and personal loans, to arrest a pile-up of bad loans. 


ABN Amro continues to do business in India under its original moniker even after RBS took over its Asian operations in 2007. HSBC is said to have signed a deal to buy RBS’ retail businesses in India, China and Malaysia and is awaiting regulatory approvals in the three countries. 

ABN Amro has been up against a large number of employee exits to competitors after the deal with HSBC came to light. It has also laid of some of its employees in the credit card and personal loan departments.
Posted by Info Guru