The Dutch state is planning to reduce its stake in ABN Amro from 49.5% to 40%, the state shareholdings agency NLFI has confirmed.
The sale will be carried out through a re-arranged trading plan that will be executed by Paris-based BofA Securities Europe, the state agency said.
ABN Amro was nationalised during the 2008 financial crisis and the rescue deal cost the state nearly €22 billion in total. In 2015, the state sold a minority shareholding in the financial services group via an IPO.
Earlier this year, finance minister Sigrid Kaag gave the green light to reduce the state’s majority stake from 56.3% to just under 50%. The Financieele Dagblad estimates that ABN Amro has generated at least €5.2 billion in dividends for the treasury since the bank was nationalised.
ABN Amro shares closed at €12.53 on Thursday, well under the original flotation price of €17.75.