Netherlands-based bank ABN Ambro is going to discontinue its investment app Kendu.
All clients have been contacted and told they will not be able to use the service from 30 June 2020.
The bank said Kendu did not manage to raise enough to continue to operate viably so it has decided to shelf the offering.
At a crossroads
Customers will have two choices: switch to other ABN Ambro services or let the app sell their investments and get compensation from the bank.
The Dutch firm said: “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.
“After 30 June, clients can opt to invest through ABN Ambro’s Guided Investing, Self-Directed Investing or Portfolio Management services,” the bank added.
