Skip to main content
Home

Main navigation

  • Top stories
  • Health
  • Crime
  • Politics
  • Business
  • Tech
  • Culture
  • Sports
  • Weird
  • 1-1-2
Image
ABN Amro
- Credit: ABN Amro (source: wikimedia. org)
Business
ABN Amro
housinng corporation
IPO
lawsuit
settlement
stock market
Vestia
Monday, 19 October 2015 - 16:30
Share this:
  • facebook
  • twitter
  • linkedin
  • whatsapp
  • reddit

ABN Amro risky derivatives lawsuit settled for €55 million as IPO readied

The Dutch bank ABN AMRO has reached a 55 million euro settlement agreement with housing corporation Vestia, just ahead of the company’s jump onto the public stock market through its IPO scheduled for November. The settlement will end the dispute between the two companies over derivative transactions. Vestia bought several derivatives from the bank between 2004 and 2010 which cost the company a total of 2 billion euros. This eventually landed the housing corporation in financial trouble in 2012. The settlement will waive the corporation of all claims in connection with derivative transactions. The board at Vestia is satisfied with the result of the settlement, telling Z24 that this would contribute nicely to the sustainable financial recovery of the company. The Finanieele Dagblad reported last week that investment bankers were now aiming at a value for the bank between 17 -19 billion euros, at least 2 billion euros higher than the 15 billion euros Minister Jeroen Dijsselbloem told parliament he expected in May. Despite this higher amount, the government will still see a loss from the transaction that nationalized the bank. This cost the government 22 billion euros. Top members at ABN AMRO and investment bankers will be continuing the IPO regardless of uncertainty around the stock market climate and are being backed by the Finance Minister, who wants to speed up the settlement of nationalized financial instruments.

Follow us:

Latest stories

  • Drought uncovering 10,000-year-old tree stumps in Friesland lake
  • Video: American truck dealership torched in Brabant; Extinction Rebellion denounces act
  • Three Dutch universities in top 100 world ranking; Leiden drops to top 150
  • MH17 court ruling set for 17 Nov. as Russia reportedly detains MH17 defendant
  • Another passenger arrested for sharing pic of crashed plane, this time at Schiphol
  • Orientation periods start at many Dutch universities

Top stories

  • Young homeless people often can't find room in shelters
  • Netherlands lagging behind in purchase of coronavirus pill
  • Asylum seekers clash in Ter Apel; "A nasty situation," State Secretary says
  • Officially warmest August 14 since measurements began
  • NS on track for record year of delays, malfunctions; Plans underway for faster Airport Sprinter
  • Dutch publisher to reprint Rushdie's 'Satanic Verses'

© 2012-2022, NL Times, All rights reserved.

Footer menu

  • Privacy
  • Contact
  • Partner content