ABN AMRO has agreed a partnership with Mistral to examine and build AI-based tools for the bank.
The tie-up is Mistral’s first with a major Dutch bank and centres on the two groups’ focus on European competitiveness, autonomy and digital resilience, noted ABN AMRO.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Mistral chief revenue officer Marjorie Janiewicz said: “ABN AMRO is one of Europe’s most forward-thinking financial institutions. Their commitment to building AI on their own terms – with full control, full transparency, and a clear view of the value it creates – is exactly the standard we believe every major European institution should set. We are proud to be their partner in that ambition.”
Under the arrangement, ABN AMRO will be able to use AI capabilities created and overseen in Europe, which the bank said would lessen reliance on technology suppliers from outside the region and support major shifts affecting Europe.
The work will bring together ABN AMRO’s banking knowledge and Mistral’s AI technology.
The companies said they intend to create AI applications for the bank that meet its requirements on security, transparency, privacy and regulatory compliance, while remaining in line with European values.
ABN AMRO chief innovation & technology officer Carsten Bittner said: “Partnering with Mistral allows us to leverage state of the art AI capabilities while committing to trusted European innovation. In a rapidly changing world, Europe’s ability to remain digital resilient, competitive and strategically autonomous is more important than ever. Together, we are helping build a safer and more innovative future for our customers, businesses and society.”
Separately, late last year, ABN AMRO said it would eliminate 5,200 full-time roles by 2028 as part of a wider plan to lower costs and concentrate on core activities.
Chief executive Marguerite Bérard told Reuters the cuts would affect roughly 20% of the bank’s workforce across all divisions.
Those divisions include the acquired Hauck Aufhäuser Lampe and NIBC Bank.
Meanwhile, this May, BNP Paribas expanded its partnership with Mistral AI for three years to enhance its generative AI capabilities.
