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ABN Amro shelves investment app

ABN Amro shelves investment app

ABN Amro is to put its Kendu investment app out to pasture after failing to gain sufficient traction with customers.

Kendu, an app allowing users to make investments from as little as EUR50, was introduced in April 2019.

In a statement, the bank says: "As Kendu has not caught on enough to continue operating viably, ABN AMRO has decided to shelve the app. Kendu will continue to manage its clients’ investments until 15 June. After this date, it will sell the investments and clients will be eligible for full compensation of any losses incurred. If clients sell their investments themselves through the Kendu app before 15 June, they will not receive any compensation for the investments sold."

The Dutch bank has not had much luck in the digital wealth management space. In April last year it pulled out of the robo advisory market, shutting down its online wealth management business, Prospery, in Germany after failing to attract sufficient clients.

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