ABN Amro Group NV shares dropped in the opening minutes of trading Wednesday after the Dutch government said it was selling an additional stake in the country's biggest lender.
ABN Amro shares were down 2.39% in Amsterdam at 9:45 local time, changing hands at €22.67, extending a 1.29% decline over the past three months and outpacing a 2.87% gain for the Stoxx 600 Banks Index.
The Dutch state sold 65 million shares for €22.75 a share in an accelerated bookbuild, it said Wednesday, raising €1.48 billion. The government now owns 63% of the bank, the NLFI, which manages the government's investment, said, the remaining stake are subject to a lock-up for 60 days.
This offering follows a wave of governments selling stakes in banks that were rescued during the financial crisis.
Ireland last week raised at least €3 billion when it relisted Allied Irish Banks on Tuesday, June 27. The Irish government sold 25% of AIB's ordinary shares at a price of €4.40, valuing the bank at €12 billion. Ireland owned approximately 99.9% of AIB's ordinary shares and has invested €20.8 billion in the bank.
The U.K. government in May sold off its stake in Lloyds Banking Group plc (LYG) - Get Report . The government recouped all of the £20.3 billion ($26.08 billion) it injected into the bank during the crisis.
ABN Amro has refocused its business on domestic lending after near collapse during the financial crisis. It returned as a publicly traded company in November 2015 when the government sold a 23 percent stake in an initial offering. The Dutch state plans to gradually sell down its holding.