The Dutch government decided Friday to start selling state-owned bank ABN Amro seven years after it was nationalised during the financial crisis. "A first part will be sold from the fourth quarter," Finance Minister Jeroen Dijsselbloem told journalists after the weekly cabinet meeting. The first tranche will be of 20-30 percent of the bank and the entire flotation will take several years, "meaning that the state remains a shareholder for several years", said Dijsselbloem.
ABN Amro, the Netherlands' third-largest bank after ING and Rabobank, is worth around 15 billion euros ($17 billion). "Calm and trust have returned," said Prime Minister Mark Rutte, adding that markets were now sufficiently stable, there was enough interest and the bank was ready.
The government also decided to implement measures to counter the possibility of a hostile takeover. "We agree with the finance minister, entering the stock market is the best option, it's a logical step in the development of the bank," ABN Amro chairman Gerrit Zalm said in a statement.
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