(Bloomberg) -- The Dutch government is planning to resume the sale of its majority stake in ABN Amro Bank NV after a four year hiatus.
Finance Minister Sigrid Kaag has asked NLFI, the not-for-profit organization exercising the shareholder rights in the bank, to reconsider conditions under which the state’s holding can be further reduced, according to a person familiar with the matter. Kaag didn’t provided details or a time frame while speaking about the plans at the Dutch parliament on Wednesday.
The last such sale took place in September 2017, when the government sold a 7% stake for about 1.5 billion euros ($1.7 billion). The government’s stake in the lender is currently about 56%, a holding that has a market value of about 7.6 billion euros.
The Dutch state stepped in to rescue the bank in the throes of the financial crisis, spending almost 22 billion euros in the process. Under government ownership, ABN Amro transformed itself from one of the world’s largest banks to a consumer lender focused on the Netherlands.
ABN Amro returned as a publicly traded company in November 2015, after the government sold a 23% stake in an initial offering. Its shares have risen about 71% in the past year, compared with a 43% gain in the Bloomberg Europe 500 Banks and Financial Services Index.
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