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ABN man pockets millions

By selling his shares to the Royal Bank of Scotland consortium, Rijkman Groenink has made $28.2 million.

The chief executive officer of ABN Amro will pocket the money after selling his shares to the consortium that successfully staged a take over of the Dutch bank.

Mr Gorenink is due to step down from his post in November to make way for new board members chosen by RBS, Santander and Fortis.

According to Reuters he sold his shares last week bringing the total earnings from share sales of the other five executive board members to $99.5 million.

The board members were in line to offer their shares to the winning bidder after ABN announced that Barclays and RBS consortium were going head-to-head.

Investors favoured the RBS led consortium bid which was valued at $99.5 billion, $14.2 billion more than the bid from Barclays.