Dutch state to sell off ABN Amro in initial public offering
Posted October 27, 2015 7:00 am
THE HAGUE, Netherlands (AP) - The Dutch government says it is selling nationalized bank ABN Amro through an initial public listing that could be launched in the last three months of the year.
ABN Amro announced the IPO early Tuesday, saying the exact timing was subject to market conditions.
The Dutch state spent 21.7 billion euros to save the bank when it was nationalized in 2008 together with the Dutch operations of one of its would-be acquirers, Belgium's now-defunct Fortis NV, in a takeover bid that went horribly wrong.
ABN Amro has since gone through an aggressive restructuring, including slashing jobs and selling off foreign units.
Chairman of the bank's board, Gerrit Zalm, calls the IPO "an important step towards our new future."
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.