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Dutch bank ABN Amro back at stock exchange

Xinhua, November 20, 2015 Adjust font size:

Dutch nationalized bank ABN Amro returned to the market on Friday and opened at 18.18 euros (19.45 U.S. dollars) at the Euronext Amsterdam stock exchange.

The initial price of the shares was set at 17.75 euros, corresponding to a current equity value of approximately 16.7 billion euros for ABN Amro. In the first stage of the Initial Public Offering (IPO), a total of 188 million certificates became available, representing 20 percent of the total shares. This will raise at least 3.3 billion euros.

ABN Amro CEO Gerrit Zalm opened the first trading of shares of ABN Amro. He saw that the share went up by 2.4 percent from the introductory price of 17.75 euros to 18.18 euros. "That is a good start," Zalm said.

The Dutch government agreed on the IPO of ABN Amro in May. By the end of October, both parties confirmed the intention to proceed with the next step and the listing of the bank on Euronext Amsterdam.

In October 2008, the Dutch State nationalized ABN Amro in order to safeguard financial stability, to save the bank and to keep it in the Netherlands. Since then, the Dutch Ministry of Finance has emphasized the investment was a temporary measure. The nationalization in 2008 cost the government 21.66 billion euros.

The current sale of the bank will take place in phases, with now first 20 percent of the shares being sold, followed by more state interest. The NLFI (NL Financial Investments), which currently exercises the government's rights as current sole shareholder of ABN Amro, will retain a significant majority holding after the listing. Enditem