ABN Amro returns to market with €16.7bn valuation
Dutch bank ABN Amro has raised €3.3bn in an initial public offering, with share prices rising by up to 3.4%, allowing the government to cut its stake and recoup some of the losses of its bailout during the financial crisis.
In total, the bank sold 188 million shares, this translates into a 20 percent stake in the bank which is now valued at €16.7bn, it is the biggest European banking IPO since the 2008 financial crisis.
ABN Amro is the second largest bank in the Netherlands, during the 2008 financial crisis, it received a €16.8bn bailout by the Dutch bailout. The Dutch minister of finance made a decision in March of this year to delay the IPO, which was initially planned for Q1, following a public debate on executive pay rises at ABN Amro.