ABN Amro will proceed with an intended initial public offering after receiving regulatory approval, the government agency tasked with its oversight said on Tuesday, targeting a listing in the fourth quarter of 2015. Financial details of the offering have not yet been set.
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The Netherlands’ third largest bank was nationalised during the height of the 2008 banking crisis when the Dutch government bailed out the lender in a 22-billion-euro ($24-billion) deal.
Chief executive Gerrit Zalm, a former politician and Dutch finance minister who took over the newly nationalised banks in 2008, said the move “marks an important step towards our new future”.
Dijsselbloem in March delayed the bank’s privatisation, which had been expected in the first quarter of this year, because of public anger over salary hikes for its board of directors.
A recovering Dutch economy has lifted results at the bank, which posted underlying profits of €600 million between April and June – almost double the same time past year and its strongest performance since the 2010 overhaul.
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In an attempt to avoid a repeat of the ill-timed takeover of 2007, ABN Amro will be equipped with measures that enable it to protect itself against hostile takeovers. The Dutch government has previously said it would start by selling a stake of 20% to 30%.
