ABN Amro has pledged to step up efforts to boost returns from wholesale banking after faster than expected cost growth during the first half of the year hampered the performance of the division, which was restructured to focus on mid-market business in February.

Rijkman Groenink, chief executive of the Dutch banking group, told delegates at the Merrill Lynch Banking & Insurance Conference in London yesterday that the bank's disappointing first-half results have increased the sense of urgency to implement the bank's transition to its new business model.