Netherlands set to sell off more of its stake in ABN Amro
The Dutch State plans to sell off more of its stake in ABN Amro. It wants to sell depositary receipts for the bank until the government’s interest is just under 50 percent, the NLFI reported.
The NLFI handles government interests in financial institutions on behalf of the State.
The Dutch government nationalized ABN Amro in 2008 when the bank threatened to collapse at the start of the credit crisis. The government put the bank back on the stock exchange in 2015, making clear that it would eventually sell all its interests in ABN Amro. Certificates have been sold several times in the intervening years.
It is not yet clear how much the certificates will sell for this time around. The NLFI said that there was a minimum price that the State wanted for the securities but did not mention the amounts. In its first IPO on 20 November 2014, ABN Amro shares hit the market at 17.75 euros each.
On Wednesday, ABN reported that its profits rose by 55 percent last year compared to 2021. The bank made 1.9 billion euros in profit, mainly thanks to rising interest rates.