Strengthening digital resilience and autonomy is explicitly one of ABN AMRO’s motivations for partnering with Mistral. The bank wants to maintain multiple options for procuring AI products and services, including non-American alternatives.

According to a spokesperson, the solutions being developed jointly will be exclusive to ABN AMRO and will not be made available to other financial institutions. The bank states that it applies stringent requirements regarding security, transparency, privacy, and compliance with laws and regulations. In addition, the applications are aligned with European values and standards.

European Innovation

Carsten Bittner, Chief Innovation & Technology Officer at ABN AMRO, said:

“Our collaboration with Mistral enables us to leverage the most advanced AI technologies while at the same time choosing trusted European innovation. In a rapidly changing world, it is more important than ever for Europe to remain digitally resilient, competitive, and strategically independent.”

Marjorie Janiewicz, Chief Revenue Officer at Mistral, said:

“ABN AMRO is a leader in the financial sector. Their decision to develop AI with full control and transparency is a prime example of how large European organizations should approach AI adoption.”

First Collaboration

The Paris-based company is working to strengthen Europe’s AI infrastructure. Microsoft, with which the French company works closely, is investing billions of euros in this effort. However, it has been denied that Microsoft will participate in the new funding round that Mistral is currently preparing.

The agreement with ABN AMRO marks Mistral’s first collaboration with a major Dutch bank. Earlier this year, Mistral entered into a partnership with the British bank HSBC. Last Tuesday, Rabobank announced that it plans to invest up to €2 billion over the next three years to strengthen its data and IT infrastructure, improve customer experience, and scale up its AI capabilities. Rabobank is working together with Microsoft.