Dutch state earns €1.3 billion on ABN Amro sell-off

The Dutch state earned over 1.3 billion euros by selling a further 7 percent of its stake in ABN Amro, NLFI announced on Thursday, the Telegraaf reports.

The NLFI is the body that manages the government staes in financial institutions. The government decreased its stake in the bank from 77 percent to 70 percent by selling 65 million share certificates at 20.40 euros per certificate.

ABN Amro was nationalized duriing the financial crisis of 2008 and returned to the stock exchange in Amsterdam on November 20th last year. Then the government sold 23 percent of its stake. The government plans to gradually keep reducing its stakes in the bank.

This new transaction is expected to be complete on November 21st. The follows a 90 day period during which the NLFI can not sell any further certificates.