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Learn more about ABN AMRO Commercial Finance today. New10 ABN Amro on-line credit extension start-up opened for businesses New10 An ABN Amro promises creditworthy small companies a 15-minute credit approval process through their own Start-up New10. EUR 20,000 to EUR 1 million for New10 lending. Claimant selects reason, amount and duration of credit and then loads upload transactions and balance sheets.

As Mark Schröder, co-founder and Chief Financial Officer of New10, says, "The requester receives an reply within 15 mins. The last stage is for the petitioner to provide electronic ID and for the contract to be electronically executed. The New10 is run as an autonomous company with its own office, away from the established corporate and IT cultures of the mother company.

This is not the first occasion that the Netherlands banks have followed the start-up track, with Florius, the mortgages company, and Tuikkie, the portable payment application, following a similar trend. ABN Amro Daphne de Kluis, ABN Amro's Chief Executive Officer Corporate Finance, said: "New10 represents our entrepreneurial vision for digitization and discovery. Combining the expertise and expertise of the firm with the capabilities and concepts available outside the firm.

New10' s fully digitized solution meets the needs of a rapidly expanding group of companies who want to do everything online."

Netherlands regulatory authority imposes fine on ABN Amro for credit crunch

AFM today announces that it has fined International Card Services (ICS), a fully owned ABN AMRO affiliate, for exceeding credit lines. The ICS itself took the lead in March 2017 and drew up a remuneration scheme for the affected customers. 2,4 million refers to deficiencies in the ICS' credit granting practice from June 2012 to March 2015.

Certain ICS customers received excessive credit lines for which they were paying interest and in some cases commission. The ICS has fully participated in the AFM inquiry in this case and has addressed the deficiencies in its work. The ICS has begun the implementation of the remuneration scheme (in Dutch only) for the affected customers and the scheme is going as foreseen.

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