Volksbank, the parent company of SNS bank and which was nationalised in 2013, is doubting whether a stock exchange listing is the best way to free itself from state control, broadcaster NOS reported.

Volksbank, taken over by the state after running into major problems with its property portfolio, has hired merchant bank Goldman Sachs to advise it on what steps to take, NOS said.

The cabinet wants to sell Volksbank in the coming years and can either opt for a single buyer or an IPO. The group includes SNS Bank, mortgage provider BLG Wonen and Regiobank.

However, an IPO would conflict with the bank’s strategy, which is to offer banking on a ‘human scale’ rather than to make as much profit as possible, NOS said. For example, the bank offers interest on savings at rates slightly above those of the bigger high street banks.

‘If we don’t go for profit maximalisation, what would investors think?,’ chief executive Maurice Oostendorp told NOS radio. ‘Where will the tension be? That is why we want to think it through properly and have asked Goldman Sachs for advice.’