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State to halve ABN Amro stake to 10.5 percent

The Dutch government plans to reduce its stake in ABN Amro from 20.7 percent to 10.5 percent through a new trading plan. This step continues the state's gradual exit from the bank, which was nationalized during the 2008 financial crisis and returned to the stock market in 2015.

The Dutch government, through the NLFI foundation, has announced plans to reduce its stake in ABN Amro from 20.7 percent to 10.5 percent. This divestment will be carried out via a pre-arranged trading plan executed by BofA Securities Europe, building upon the state's long-term strategy to withdraw from the bank since its nationalization during the 2008 financial crisis. This move follows a significant reduction in September and comes as the bank's stock value on the Amsterdam exchange has seen a strong increase this year.

ABN Amro chief Marguerite Bérard expressed support for the decision, noting that the reduction was anticipated by the market. Meanwhile, the bank continues to implement its cost-cutting measures, having already completed approximately 45 percent of a planned reduction of over 5,000 jobs to improve profitability. The government previously generated roughly 2.5 billion euros from a similar divestment process concluded in July, and the bank is currently valued at approximately 34.5 billion euros.

Economy Business Amsterdam Netherlands

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Based on reporting by ad. Translated and condensed by LocalHeadlines.

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