Off the wire
• Nadal, Djokovic drawn in same quarter in French Open  • U.S. stocks open mixed on inflation figure  • Kenya's spat with foreign funded NGOs a litmus test on sovereignty: experts  • U.S. consumer prices edge up in April  • Kenyan marathoners to test run in New York ahead of Beijing worlds  • Civilian casualties rise amid worsening humanitarian situation in Yemen  • Vietnam displays leadership in development of SDGs: UN Secretary-General  • East African bloc urges poll delay in Burundi  • Chinese troops ask U.S.military jet to leave Nansha Islands: FM  • More than 60 killed in central Nigeria attacks in two weeks: official  
You are here: 　 Home

Dutch gov't announces IPO of bank ABN Amro

Xinhua, May 22, 2015 Adjust font size:

The Dutch government decided to start the sale of nationalized bank ABN Amro through an IPO beginning in the fourth quarter of 2015, the Dutch cabinet announced on Friday.

Dutch Minister of Finance Jeroen Dijsselbloem had stated before that the ABN Amro could be sold only if the financial sector is stable, there is sufficient interest in the market and the company is ready to be privatized.

According to the government the financial sector now is strong and stable enough for a sale, the bank is strong enough and there is interest from the market. These conditions make it the right time for the sale.

"In 2008 the government nationalized ABN Amro for an amount of 21.66 billion euros (23.88 billion U.S. dollars) to ensure financial stability and to save the bank and to keep it in the Netherlands," Dijsselbloem stated. "It always was paramount that this was a temporary emergency measure and that ABN Amro would be sold again. The results for the first quarter of 2015 also show that the economic performance of the bank is good."

"We agree with the Finance Minister's conclusion that an IPO is the best option for selling ABN AMRO," Gerrit Zalm, CEO of ABN Amro, stated in a press release. "This is a logical next step in the bank's development. The internal preparations we have made this past year are well on track, and both the Managing Board and the Supervisory Board believe that ABN Amro is ready for an IPO."

The sale of the bank will take place in phases, with first between 20 and 30 percent of the shares being sold, followed by more state interest. Endit