AMSTERDAM (Reuters) – The Dutch government's latest share sale in ABN Amro reduced its stake in the bank to 40.5% from 49.5%, Finance Minister Eelco Heinen said in a letter to parliament on Wednesday.
WHY IS IT IMPORTANT?
The sale is part of the government's plan to reduce its stake in ABN Amro, one of the three dominant banks in the Netherlands, in a move toward liberalizing the Dutch banking sector and reducing state intervention.
CONTEXT
The Dutch government has been reducing its stake in ABN Amro since the bank was nationalised during the 2008 financial crisis.
IN NUMBERS
The Dutch Ministry of Finance reported that approximately 78 million share certificates were sold, generating total gross sales proceeds of €1.17 billion. Gross proceeds from ABN Amro's share buyback programme were €200 million.
WHAT'S NEXT?
NL Financial Investments, the Dutch state's financial asset manager, will advise on any further reduction of the government's stake in ABN Amro. Updates on further developments will be provided to the Dutch parliament as necessary.
KEY QUOTE
“With the completion of this sales programme, the next step has been taken in ABN Amro's responsible return to the market,” said Heinen.
(1 dollar = 0.9079 euros)
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