Arab Today, arab today abn amro lists higher
Last Updated : GMT 02:26:33
Arab Today, arab today
Arab Today, arab today

In record return to Dutch bourse

ABN Amro lists higher

Arab Today, arab today

Arab Today, arab today ABN Amro lists higher

Dutch bank ABN Amro
The Hague - Arab Today

Seven years after being nationalised, ABN Amro bounced back onto the stock market Friday in what is seen as one of the biggest IPOs by a European lender since the 2008 financial crisis.

The Dutch bank listed a share price of 18.24 euros ($19.42) on the Amsterdam stock exchange's AEX index, up 2.76 percent from an initial offer of 17.75 euros shortly after trade opened at 0800 GMT.

The Dutch government, which led the 2008 bailout during the tumult of the financial meltdown, is hoping to recoup some of the 22 billion euros spent propping up the bank.

Initially, the price per share had been fixed at between 16 to 20 euros.

ABN Amro said in a statement early Friday that the price had been set at 17.75 euros a share.

That would raise some 3.3 billion euros ($3.5 billion), the bank said in a joint statement with the state administrators of the offering and it priced ABN Amro's current value at 16.7 billion euros.

They confirmed that a further 3.0 percent share was available and "can be exercised to cover over-allotments or short positions" if there is a high demand.

"It's a successful IPO," analyst Jos Versteeg, from the Dutch bank Theodoor Gilissen, told AFP.

"It has been properly handled. And it's a good price per share," he said, adding analysts did not see much room for big future price movement.

To avoid all the shares being snapped up by major investment funds and other institutional investors, ABN Amro held back 10 percent for individual buyers in the Netherlands.

Although the government has said the bailout cost it around 22 billion euros, its main audit body estimated the true price tag at about 32 billion euros, Dutch media has reported.

Troubled years

The Netherlands' third-largest bank behind ING and Rabobank, ABN Amro traces its roots back to the 19th century.

It was listed on the Amsterdam stock exchange before being bought in 2007 by a consortium consisting of Spanish lender Santander, the Royal Bank of Scotland and the Belgian-Dutch outfit Fortis.

But the 71 billion-euro-deal, one of the largest in banking history, proved calamitous for the three buyers.

Royal Bank of Scotland is now 73 percent owned by the British government after a £45.5 billion ($71 billion, 53 billion euro) rescue in 2008.

Fortis was also dismantled during 2008 to avoid bankruptcy.

Its Dutch activities, including its share in ABN Amro, were bailed out by the Dutch government, which then merged it back into ABN Amro Bank, and it has held the reins ever since.

Today ABN Amro is largely a commercial bank focusing significantly on the highly competitive mortgage market.

Last week it trumpeted continuing good results, enjoying net profits of some 509 million euros for the third quarter, a 33 percent year-on-year increase.

The IPO came as Europe's main stock markets rose at the start of trading Friday, with London?s benchmark FTSE 100 index up 0.4 percent to 6,355.14 points .
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abn amro lists higher Arab Today, arab today abn amro lists higher

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today abn amro lists higher Arab Today, arab today abn amro lists higher

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday