Morgan Stanley, Deutsche Bank AG and ABN Amro Group NV itself were named global coordinators for the nationalized Dutch lender’s planned initial public offering.
Stichting NLFI, which manages ABN Amro’s shares on behalf of the Dutch state, is “satisfied with the quality of the selected investment banks and the agreements that have been reached in respect of the price,” it said in a statement today. The government agency will now start a further selection for the roles of bookrunner and co-lead manager.
The Dutch government won support from parliament last month for its plan to return part of Amsterdam-based ABN Amro to the markets, as it signaled the sale may slip into next year. The IPO has no fixed timetable, which will depend on the state of the financial markets, among other things, NLFI said.
ABN Amro was formed after the government took over the Dutch banking and insurance units of Fortis Bank, which had joined a 72 billion-euro ($79 billion) takeover of ABN Amro Holding NV with Royal Bank of Scotland Group Plc and Banco Santander SA in 2007. The deal, the largest financial services takeover ever, turned sour during the credit crunch a year later, leading to the loss of thousands of jobs.
The agreements on transaction costs “comfortably” meet the objective that the remuneration for the banks supervising the IPO’s first tranche will remain below 1 percent of the tranche’s proceeds, NLFI said.