The Dutch state has reduced its stake in ABN Amro to just under one third, in line with plans announced in October last year.

The reduction means the state now has less influence over the bank, and ABN Amro no longer has to consult NLFI, which manages state shareholdings in ABN Amro and Volksbank, about takeovers, divestments and issuing new shares.

NLFI does retain a say on remuneration strategy and has voting rights in the appointment of both the management and supervisory boards. These rights will only lapse once NLFI’s stake falls below 10%.

ABN Amro was nationalised during the 2008 financial crisis, with the rescue deal costing the state nearly €27 billion. In 2015, the state sold a minority shareholding in the financial services group via a public offering and has since sold shares in several batches.

Finance minister Eelco Heinen told members of parliament in a briefing last year that the state will not recoup its full investment in rescuing the bank, as that would require the entire remaining stake to be sold at a share price of €31.49.

ABN Amro shares were trading at around €21.72 on Tuesday morning after a rise in early trading.

NLFI reiterated on Tuesday that its aim is to reduce the stake to around 30%.