The Dutch government has further reduced its shareholding in ABN Amro, selling a block representing 7% of the bank’s outstanding shares for €1.5bn.

Broadcaster NOS said that the government still holds 63% of ABN Amro shares, worth €13.5bn at the bank’s current share price. ABN Amro shares have risen sharply since the end of 2016 when they were trading at €17.75. The current price is above €23.

This is the latest of three tranches of bank shares sold by the state, yielding it more than €6bn. However, it is unlikely that the government will be fully reimbursed for its 2008 rescue effort which cost taxpayers €21.7bn, the broadcaster said.