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ABN Amro seeking to treble Asian business – report

Dutch bank ABN Amro is planning to treble its Asian revenues to nearly E5 billion by 2010 accounting for 15% of the group's profits, according to a report.

<p>Regional chief executive Jeroen Drost told the Financial Times that the growth would come from existing operations although the bank is also interested in potential acquisitions in Taiwan, Indonesia and India.<br /><br />Mr Drost said: We will treble the business in Asia, both the top line and the bottom line. The Asian business, which includes operations in the Middle East, reported operating income of E1.2 billion with net operating profit of E204 million in 2005. The Asian business currently represents around 6% of the group&#0039;s profits.<br /><br />Mr Drost said that ABN Amro would target the growing upper middle classes in the region by the rapid economic expansion of China and India, not the top-end wealthy clients that rival banks seek to attract.</p>