Dutch state sells Saudi bank stake, acquired during ABN Amro nationalisation

Photo: DutchNews.nl
Amsterdam’s Zuidas business district. Photo: DutchNews.nl

The Dutch state has sold its stake in Saudi bank SABB for €523m, finance minister Wopke Hoekstra has told MPs.

The shares in SABB were acquired indirectly when the government stepped in to nationalise ABN Amro and Fortis following the abortive takeover by a consortium lead by Royal Bank of Scotland in 2008.

Excluding costs and settlements, the deal will generate €411m for the treasury, the minister said.

The 75 million shares were told earlier this week, ‘ending the odd situation in wihch the Dutch state had a shareholding in a Saudi bank,’ Hoekstra said. The name of the buyer has not been made public.

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