The Netherlands-based company claimed the measures could save around £344m, despite reporting underlying net profits of approximately £522.7m during the third quarter of 2016, a 19% rise on the same period last year.

These savings will contribute towards improving the bank’s digital offering over the next four years.

Gerrit Zalm, chairman of the managing board of ABN AMRO Group, said: “In 2016 we updated and extended our strategic priorities and financial targets towards 2020.

“We concluded that the strategic foundations of being client-driven, having a moderate risk profile, investing in the future and our people, and pursuing sustainable growth remain firm.

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“We now want to take another step forward in delivering in-depth expertise in a digitally savvy way to our clients and will increase our expenditure on initiatives for growth, innovation and digitalisation by [approximately £344m] by 2020 compared with 2015.”

Gerrit admitted that the bank may finance its initiatives and offset cost inflation and levies by targeting total cost savings of around £775.6m by 2020.

The bank’s underlying net profit came despite including an approximate £93m restructuring charge, net of tax.

Its growth followed an increase in total client lending and deposit gathering during the third quarter.

“Our services are well recognised by our clients; for instance, our mobile banking app came in 6th place globally in an industry survey,” Gerrit added.

“I am confident that our plans will enable us to deliver lasting value to our clients, now and in the future.”

ABN AMRO has six offices across the UK, offering services such as invoice financing, asset-based lending and corporate banking.