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Report: Dutch lender ABN Amro eyes US license

ABN Amro Group NV is set to file for a banking license in the U.S., sources told the Financial Times.

The Dutch banking group will submit the application once the pre-emptory process with Dutch and European regulators is complete, according to the March 26 report. The unit would give the group more access to dollar funding, according to a source.

The group presently has clearing, energy financing and commodity finance operations in the U.S., among other activities.

Initially, ABN Amro applied for a license in 2017 but canceled it in October 2018, according to the report.

The plan to bolster the group's U.S. presence comes following years of scaling down by European lenders, with Deutsche Bank AG and Credit Suisse Group AG making big job cuts in their U.S. investment banking operations.

Spain's Banco Santander SA has also had problems passing the U.S. Federal Reserve's stress tests for banks with assets of more than $50 billion, the report said, adding that ABN Amro's new branch will likely have assets below that amount.