Netherlands to sell ABN Amro in phases
Print Edition
THE Dutch government said yesterday it will sell off ABN Amro bank in phases starting later this year, seven years after the state took it over to halt its collapse amid the global financial crisis.
Prime Minister Mark Rutte said the financial sector is now stable enough, there is sufficient interest in the market and ABN Amro is ready for a phased sale.
The decision had been expected earlier this year but was delayed amid uproar over members of the bank’s board awarding themselves a 100,000 euro (US$110,000) pay rise to compensate for losing their right to bonuses when the bank was nationalized in 2008. The bank scrapped the pay rise at the end of March, clearing the way for the re-privatization.
Gerrit Zalm, the former Dutch finance minister who is now chairman of ABN Amro’s managing board, welcomed the announcement, calling the sale, “a logical next step in the bank’s development.”
ABN Amro announced this month its underlying net profit rose 44 percent in the first quarter from a year earlier to 543 million euros, its best quarter in four years.
The government said the sale via initial public offering could happen from the fourth quarter.
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