ABN Amro managers will give up pay rises after a dispute over executive salaries delayed the privatisation of the bank, the bank said yesterday. In a statement, the managers said they were "putting the interests of the bank and the public first".
The Dutch bank was nationalised during the financial crisis of 2008, ultimately costing taxpayers around €24bn. Last week, the bank's supervisory board decided to increase the base salaries of most of its managers by €100,000. It was widely condemned by Dutch lawmakers, who must approve the listing. The Dutch finance minister delayed the privatisation until the row was resolved.