ABN Amro chairman Jan Kalff has moved to scotch persistent rumours that the bank is looking to make an acquisition to bolster its investment banking business. Speaking after publication of year-end figures last week, Kalff denied that the bank is considering an opportunistic offer for Greenwich NatWest.

"We are not looking to make an investment banking acquisition. We are happy with the network we have built up," Kalff said. The chairman, who is due to step down later this spring, also denied speculation that ABN is in merger talks with Commerzbank, Germany's fourth largest. "We meet from time to time but there are no plans to merge our businesses," he said.