The Dutch government has indicated that it is planning to sell shares in leading bank, ABN AMRO through an initial public offering (IPO) during the next year.
Experts have said that the government is not likely to recover its costs through the sale of shares. The government has estimated that the bank has market value of about _15 billion, which is higher than estimated by some financial analysts but much lower than what the Dutch taxpayers had invested in the bank to rescue it during the financial crisis in 2008.
ABN Amro Bank, state-owned entity on Friday said that it has completed the entire legal requirements for its separation from Royal Bank of Scotland PLC (RBS). This means that from today ABN is separate from RBS.
The bank also said that it has disposed the commercial client activities to Deutsche Bank AG (DB). It has done this in Netherlands.
This also means that ABN Amro Bank and Fortis Bank Nederland have become a part of ABN Amro Group NV. This group is headed by Gerrit Zalm.
Amsterdam - Dutch labour unions expressed relief Tuesday over the sale of ABN Amro Bank's subsidiary Hollandse Bank Unie (HBU) to Deutsche Bank, according to media reports.
"The 1,400 HBU employees finally have certainty," said Joop Hofland, spokesman of labour union De Unie.
"This also removes the most important obstacle for a merger of ABN Amro and Fortis Netherlands banks," he added.
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