ABN Amro CEO Says Basel Implementation Shouldn’t Hurt EU Banks

The Europe Union must make sure it doesn’t hurt its banking industry when it starts applying a sweeping set of capital rules, ABN Amro Bank NV Chief Executive Officer Robert Swaak said.

The ability of Europe’s banks to compete with the rest of the world should be “the overriding criterion” in the debate whether the bloc should follow other jurisdictions in delaying the implementation of an update to the rules known as Basel, Swaak said in an interview at the World Economic Forum in Davos. “It’s essential for Europe to stay competitive.”