ABN Amro flotation raises €3.3bn, share price rises in early trading
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The flotation of around 20% of the shares in ABN Amro generated €3.3bn for the treasury on Friday morning after finance ministry and bank officials set the price at €17.75 a share.
This values the entire banking operation at €16.7bn, well short of the €22bn plus which the government invested in ABN Amro’s nationalisation and rescue.
The remaining shares will be sold off in several lots at later dates. ABN Amro was nationalised in 2008 after an abortive takeover by a consortium led by Royal Bank of Scotland.
ABN Amro has been prepared for its partial privatisation under the leadership of Gerrit Zalm, who was finance minister from 1994 to 2002 and chief financial officer at privately owned DSB bank which collapsed in 2009.
ABN Amro shares rose 2% to €18.18 at the start of trading.
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