The Dutch state is planning to reduce its stake in ABN Amro bank from 56% to under 50%, the state management agency NLFI said on Friday.
The shares will be sold through pre-arranged trading plan managed by Citigroup, which was awarded the contract following a mini tender, the NLFI said in a statement.
ABN Amro was nationalised in 2008 in the wake of an abortive takeover at a cost of almost €17bn. Finance minister Sigrid Kaag said last year she wanted to reduce the state’s stake still further. The last time the state divested shares in the bank was in 2017.
Earlier this week ABN Amro announced it had made net profit of €1.9 billion in 2022 and announced a €500 million share buy back programme. The Financieele Dagblad estimates that ABN Amro has generated €5.2 billion in dividends for the treasury since the bank was nationalised.
ABN Amro shares, first launched at €17.75, closed on Thursday at €16.55 after falling to as low as €5.68 in May 2020, at the height of the coronavirus pandemic.
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