Princen is responsible for many of the bank’s support activities, which are set to be reviewed as part of an “efficiency operation” at ABN AMRO. As a result, her position on the managing board will cease to exist. 

Her responsibilities will be reallocated among the remaining six members of the board.

Formerly chief executive of Nedstaal, Princen joined ABN AMRO in 2009 and helped oversee the integration of the bank and Fortis Bank Nederland. 

“As a member of the transition team and later as a member of the managing board, Caroline Princen made a valuable contribution to creating the bank we are today, and I am very grateful to her for that,” said Gerrit Zalm, chairman of the managing board.

As reported last month, Zalm will also step down next year from the helm of ABN AMRO before his term ends in May. The bank posted a private banking profit of €96 million for the first half of 2016, a decline of 40 per cent year-on-year, as operating income fell 3 per cent to €660 million.