Dutch state-owned bank ABN Amro is seeking to expand its digital banking subsidiary, MoneYou, by increasing the unit's funding, according to the Dutch newspaper Financieele Dagblad. The move comes as banks are increasingly looking for ways to cut costs and boost their profitability. In its eight years in existence, MoneYou has attracted customers in the Netherlands, Belgium, Germany and Austria with a total of €20bn ($21bn) in deposits.
Dutch state-owned bank ABN Amro is seeking to expand its digital banking subsidiary, MoneYou, by increasing the unit's funding, according to the Dutch newspaper Financieele Dagblad. The bank is on a drive to attract new customers to its digital arm, which currently has a customer base of 500,000, largely located in the Netherlands. In its eight years in existence, MoneYou has attracted customers in the Netherlands, Belgium, Germany and Austria with a total of €20bn ($21bn) in deposits.