AMSTERDAM (Reuters) – The Dutch authorities’s newest sale of ABN Amro shares has decreased its stake within the financial institution to 40.5% from 49.5%, Finance minister Eelco Heinen mentioned in a letter to parliament on Wednesday.
WHY IT’S IMPORTANT
The sale is a part of the federal government’s plan to chop its stake in ABN Amro, one in every of three dominant banks within the Netherlands, in a transfer in the direction of liberalising the Dutch banking sector and lowering state intervention.
CONTEXT
The Dutch authorities has been lowering its possession in ABN Amro for the reason that financial institution’s nationalization in the course of the 2008 monetary disaster.
BY THE NUMBERS
The Dutch Finance Ministry mentioned roughly 78 million share certificates had been offered, producing complete gross sale income of 1.17 billion euros. The gross proceeds from ABN Amro’s share buyback programme had been 200 million euros.
WHAT’S NEXT
The NL Monetary Investments company, the Dutch state’s monetary holdings supervisor, will advise on any additional discount of the federal government’s stake in ABN Amro. Updates on new developments will probably be supplied to the Dutch parliament as required.
KEY QUOTE
“With the completion of this sales program, a next step has been taken in the responsible return of ABN Amro to the market,” Heinen mentioned.
($1 = 0.9079 euros)
