NL Financial Investments (NLFI), which manages the investments of the Dutch government, has announced plans to offload an additional 7% stake in local banking group ABN Amro.
The latest sale will dilute the state’s holding in the bank to nearly 56% from 63%.
The stake sale is expected fetch approximately €1.6bn for the Dutch government, which nationalised ABN Amro in 2008.
The state will dispose up to 65 million of depositary receipts representing ordinary shares in the banking group. The government plans to sell its remaining holding in the bank over time.
Additionally, NLFI reached an agreement with the joint bookrunners whereby it will not sell the remaining shares that it owns in ABN Amro during the 60-day lock period post completion of the transaction.
In 2015, the bank was partially privatised through an initial public offering, where the government disposed a 23% stake.