Deutsche Bank and Morgan Stanley will join ABN Amro as ‘global organisers’ of the nationalised bank’s IPO later this year, the state finance agency NLFI said on Friday.

In total, 26 organisations had competed for the job.

The banks have been chosen on the basis of their expertise and the price, the NLFI said.

‘The agreements… comfortably meet the NLFI’s objective that the remuneration for the group of investment banks supervising the first tranche of the planned IPO will remain below 1% of the proceeds,’ the NLFI said in a statement.

NRC journalist Chris Hensen said the choice of Deutsche Bank is noteworthy because it is under fire both at home and abroad.

‘The chief executive resigned not long ago,’ he said. ‘Deutsche Bank is embroiled in a derivatives scandal and has paid a billion euro fine for its role in the Libor fraud. It is hard to think of an international fraud investigation which does not involve Deutsche Bank.’

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.