Nationalised bank ABN Amro is to take charge of its own IPO,  the state’s shareholding agency has told the 13 banks which are hoping to be involved, the Telegraaf reports on Friday.

Instead, the bank will have a ‘do it yourself’ flotation, aided by two or three other banks, the paper says.

Normally, an IPO is led by a couple of global coordinators who do most of the work needed for the flotation and who claim the most commission on completion.

The Telegraaf says the NLFI is hoping to play the banks off against each other to ensure the state gets the lowest possible bill for the work which outside banks do.

In May, the cabinet agreed ABN Amro is to be sold off in several blocks and the first bundle of shares will likely be floated in the final quarter of this year.

ABN Amro was nationalised in 2008 following its takeover by a consortium of other banks. The state hopes to earn €15bn from the sale, less than half the total bill for its rescue.