ABN AMRO Taps Lap for Chair, Nominee Mustier Signals Global Ambition

AMSTERDAM, NL – January 29, 2026 – ABN AMRO is orchestrating a significant leadership transition for its Supervisory Board, blending deep institutional knowledge with seasoned international expertise as it embarks on an ambitious new strategic chapter. The Dutch banking giant announced today that current Vice-Chair Michiel Lap will be appointed Chair, succeeding the retiring Tom de Swaan. Simultaneously, it nominated Jean-Pierre Mustier, a prominent figure in European finance, to join the board.

The moves, set to be formalized this spring, are designed to provide both stability and a fresh strategic edge. Lap’s internal promotion ensures continuity, while Mustier’s nomination signals an injection of global perspective to help guide the bank’s recently unveiled forward-looking strategy. The appointments come as the bank navigates a complex European market and pushes forward with key initiatives in sustainability and international wealth management.

The Continuity Candidate: Michiel Lap's Ascent

ABN AMRO’s choice for its next Supervisory Board Chair is a clear vote for stability and experience from within. Michiel Lap, who will assume the role after the Annual General Meeting on April 22, 2026, is a familiar and respected figure within the bank’s top echelons. A member of the Supervisory Board since 2019 and Vice-Chair since September 2025, Lap has been intimately involved in the bank's governance and strategic planning.

His deep understanding of the institution was highlighted by ABN AMRO CEO Marguerite Bérard, who noted, “Michiel Lap’s deep knowledge of our bank and our industry have been invaluable to the ABN AMRO Executive Board in building our strategic plan for the coming years.” This sentiment underscores the board’s desire for a leader who can ensure a seamless transition and maintain momentum without disruption.

Lap’s influence extends across critical areas of oversight. He currently serves as Chair of the board's Risk & Capital Committee and is a member of both the Audit Committee and the Selection & Nomination Committee. This hands-on involvement in the bank’s most crucial governance functions has given him a comprehensive view of its operations, risks, and opportunities. Before joining the ABN AMRO board, Lap built a formidable career over 25 years as a banker at global financial powerhouses including JP Morgan, Morgan Stanley, and Goldman Sachs, providing him with a robust foundation in international finance.

In his own statement, Lap acknowledged the significance of his predecessor's tenure, stating, “I am very honoured to assume the role of Chair from Tom de Swaan, who has fulfilled this role so admirably over the last eight years. His are big shoes to fill, but I am looking forward to helping the bank maintain its current momentum.”

A Legacy of Transformation: The Tom de Swaan Era

The transition marks the end of Tom de Swaan’s nearly eight-year chairmanship, a period of significant change and strategic repositioning for ABN AMRO. Appointed in July 2018, de Swaan steered the Supervisory Board through a dynamic and often challenging environment. Under his oversight, the bank renewed its entire Executive Board, embedding a new generation of leadership to execute its evolving strategy.

Key strategic shifts during his tenure included a decisive move to focus the corporate bank on Northwest Europe and clients in specific transition sectors, sharpening its operational footprint. Furthermore, sustainability became an increasingly central pillar of the bank’s identity and business model. De Swaan’s leadership was praised by CEO Marguerite Bérard for its “wisdom and warmth,” adding that “his contribution to the history of ABN AMRO will remain vivid for generations to come.”

However, the period was not without its hurdles. The bank has publicly acknowledged that efforts to fix legacy issues have been more complex and costly than anticipated, and it has faced persistent challenges in meeting its cost budget targets over the past four years, citing inflation and other external pressures.

De Swaan, who brought decades of experience from roles at De Nederlandsche Bank (DNB) and as a former CFO of ABN AMRO itself, expressed his full support for the succession plan. “I am very pleased that Michiel Lap will be assuming the role of Chair,” he commented, praising Lap’s “proven leadership, deep industry expertise and strong commitment to the values and strategic direction of our bank.”

Injecting Global Expertise: The Mustier Nomination

While Lap’s appointment secures continuity, the nomination of Jean-Pierre Mustier introduces a powerful external voice with a formidable track record in European banking. Described by the outgoing chair as an “internationally renowned banking executive with an excellent reputation,” Mustier is poised to bring a wealth of strategic experience to the board, pending approval from the European Central Bank (ECB).

Mustier is best known for his tenure as CEO of Italian banking giant UniCredit from 2016 to 2021. There, he led a dramatic and successful restructuring, executing a multi-billion-euro capital increase and shedding non-core assets to significantly strengthen the bank's balance sheet. This experience in navigating complex turnarounds and strategic overhauls is a valuable asset for any major financial institution. His career also includes a more recent, albeit brief, stint as CEO and Chair of the French IT firm Atos and he currently serves on the supervisory board of Deutsche Börse, where he is a member of the Technology Committee.

His appointment is seen as particularly relevant to ABN AMRO’s future. Marguerite Bérard stated she was “very much looking forward to working with Jean-Pierre Mustier, especially considering his exceptional leadership in the European financial sector.” Mustier himself commented, “The bank’s recently announced new strategy is ambitious and forward-looking. I look forward to working closely with my fellow board members and with the ABN AMRO Executive Board.”

His nomination will now undergo the ECB's standard 'fit and proper' assessment, a rigorous process that vets candidates for experience, integrity, and the ability to dedicate sufficient time to the role. Given his extensive background, the approval is widely expected but remains a formal and necessary step in the process.

Steering a New Strategic Course

These carefully orchestrated board changes are fundamentally tied to the execution of ABN AMRO's new strategic direction. The bank is aiming to improve customer experience, deepen its commitment to sustainability, and prepare itself for the future. The new board composition, combining Lap’s internal expertise with Mustier’s external perspective, appears designed to provide the robust oversight needed to achieve these goals.

The strategy includes concrete, ambitious targets. In sustainability, the bank has already surpassed its 2025 financing goal for renewable energy and has now set a new target of EUR 10 billion by 2030. In its core Dutch market, it has successfully increased its share of new mortgage production from 16% to 19% by adapting to market conditions.

A cornerstone of its future growth is the planned acquisition of German private bank Hauck Aufhäuser Lampe (HAL). This move is set to make ABN AMRO a top-three provider for wealthy private clients and family businesses in Germany, significantly bolstering its wealth management arm in Europe's largest economy. Overseeing the successful integration of HAL and realizing its strategic value will be a key task for the new Supervisory Board, where Mustier's experience in large-scale banking operations and Lap’s risk management expertise will be critical.

By pairing a trusted insider as Chair with a seasoned international strategist as a new member, ABN AMRO is positioning its governance structure to guide the bank through a period of both organic growth and strategic acquisition, ensuring it has the leadership required to navigate the opportunities and challenges ahead.