Dutch State to Reduce Stake in ABN Amro to 10.5 Percent
20 Articles
20 Articles
The gradual withdrawal of the state falls into a phase of increasing consolidation in the European banking sector, which increases speculation about further acquisitions.
Dutch State to reduce stake in ABN Amro to 10.5 percent
The Dutch State is set to further reduce its stake in ABN AMRO from the current 20.7 percent to 10.5 percent, reported the NLFI, the foundation that manages the State’s interest in financial institutions.The sale of shares will happen via a pre-agreed trading plan executed by BofA Securities Europe. The sale will start in the coming days and will conclude once the maximum number of share certificates has been sold.
The Dutch state has already nearly broken even after the 2008 banking crisis. The sale of a new tranche of shares in ABN Amro is expected to bring the state treasury an estimated 3.5 billion euros. With this, the bank's rescue operation, which cost 16.8 billion euros at the time, has already been virtually recouped.
The Dutch State is further reducing its stake in ABN Amro. Currently, the State still holds 20.7 percent of the bank, but this will be further reduced to 10.5 percent in the coming period. This was announced by NL Financial Investments (NLFI), which manages government interests in banks and insurers on behalf of the government. ABN Amro was acquired for 16.8 billion euros during the credit crisis. The cabinet wanted to prevent the bank from col…
And once again, the Netherlands is divesting a portion of its shares in ABN Amro. In the coming days, the State will reduce its stake in ABN Amro from the current 20.7…
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