AMSTERDAM: ABN Amro Group raised 3.3 billion euros ($3.6 billion) in an initial public offering (IPO), allowing the Dutch government to recoup some of the funds spent bailing out the lender during the financial crisis.
The bank sold 188 million shares at 17.75 euros apiece, equivalent to a 20 per cent stake and valuing ABN Amro at 16.7 billion euros, according to a statement on Friday. The shares had been on sale for as much as 20 euros apiece. The stock opened at 18.18 euros in its debut in Amsterdam on Friday and was trading at 18.25 euros as of 9:02am.
ABN Amro, the second-largest bank in the Netherlands, is a remnant of the company that fell prey to a takeover in 2007 by a group including Royal Bank of Scotland Group, Banco Santander and Fortis. The Dutch state, which spent almost 22 billion euros to rescue the bank the following year, is recouping part of its investment in the first of a series of stake sales. Under government ownership, ABN Amro transformed itself from one of the world’s largest banks to a consumer lender focused on the Netherlands.
