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Nationalized Dutch bank ABN Amro says reprivatization set to start on Nov

Nationalized Dutch bank ABN Amro says re-privatization set to start on Nov. 20 by Mike Corder, The Associated Press Posted Nov 10, 2015 12:36 am MDT Last Updated Nov 10, 2015 at 1:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email THE HAGUE, Netherlands – Nationalized Dutch bank ABN Amro announced Tuesday it is beginning its re-privatization Nov. 20 with an initial public offering of 20 per cent of its shares.The bank, which was saved from collapse by the Dutch government seven years ago, said the price of its shares would be between 16 and 20 euros ($17.19-21.48), putting the value of the first tranche to be sold at between 3 billion and 3.76 billion euros ($3.2 billion to $4 billion). The total value of the bank once privatized would be 15-18.8 billion euros ($16.1-20.2 billion)ABN Amro managing board chairman Gerrit Zalm called the listing “a logical step” for the bank, which has aggressively reorganized and slimmed down in recent years.“Our business case is solid, we have a moderate risk profile and are able to offer our clients a broad range of services,” he said. “With our capital position, comfortably exceeding regulatory requirements, we are convinced to present a solid and sound investment case.”The sale price means a loss for the Dutch state, which spent 21.7 billion euros to nationalize the bank in 2008 together with the Dutch operations of one of its would-be acquirers, Belgium’s now-defunct Fortis NV, in a takeover bid that went wrong.ABN Amro on Monday announced that its underlying net profit rose 13 per cent in the third quarter from the same period a year ago to 509 million euros ($547 million).Operating income rose 5 per cent to 2.1 billion euros ($2.25 billion).The bank said that the offer and subscription period begins Tuesday and is expected to run through Nov. 18 for retail customers and a day later for institutional buyers. The share price will then be set on Nov. 19 and the first trading on Amsterdam’s Euronext exchange is expected to start Nov. 20. read more