ABN Amro Bank has apologized for its historic involvement in slavery, after a report revealed the rise of some of the bank’s predecessors were closely linked to the slave trade.
The Dutch lender said its predecessor,
ABN Amro Chief Executive Robert Swaak acknowledged the bank has a “darker side” to its history, which goes back more than 300 years.
“ABN AMRO as it exists now cannot undo that period of its history,” Swaak said in a statement released Wednesday. “We are aware that, even though slavery has been abolished, the past injustices have persisted. ABN AMRO apologizes for the past actions and activities of these predecessors and for the pain and suffering that they caused.”
Around a quarter to a third of Hope & Co.’s total revenue in 1770 came from slavery, according to the research commissioned by ABN Amro from the International Institute of Social History. The company was financially involved with at least 73 Caribbean plantations spread across the Dutch, British and Danish colonies.
R. Mees & Zoonen arranged insurance of the enslaved people on board slave ships and several partners of the company made personal investments into Rotterdam negotiation funds for Surinamese plantations. The report also found that the company was involved in other forms of colonial forced labor during the 19th century.
ABN Amro said it has been discussing the research findings with representatives of the communities of descendants of enslaved people and will account for its efforts in developing and supporting new initiatives in its Integrated Annual Report.
After commissioning
In 2020, the Bank of England apologized for “inexcusable connections” to slavery by former governors, and Barclays said it would examine its own history.
