* ABN IPO likelier than sale to foreign, Dutch bank – FinMin
* FinMin expects 3 candidates for central bank president
(Adds comments, details)
AMSTERDAM, Jan 25 (Reuters) – Dutch Finance Minister Jan
Kees de Jager said on Tuesday a sale of state-owned bank ABN
AMRO [ABNNV.UL] to a foreign or domestic bank was less likely
than a stock listing, which is expected in 2014 at the earliest.
The Dutch government nationalised ABN AMRO in October 2008
and provided capital injections for ING (ING.AS), Aegon
(AEGN.AS) and SNS Reaal (SR.AS) as it paid out about 40 billion
euros ($54.46 billion) to rescue its domestic financial sector
as the credit crisis swept the globe.
“Although there are other options, the stock listing (of ABN
AMRO) is the most realistic,” De Jager said in his weekly live
television interview with Dutch broadcaster RTL Z.
“The option of a sale to another bank, either domestic or
foreign, is less probable than a stock listing,” De Jager added.
He said competition law would probably prevent a Dutch
financial group from buying ABN AMRO, while a foreign takeover
was also unlikely because of the lingering effects of the credit
crisis and problems encountered in previous takeovers.
The Dutch state pumped about 24 billion euros into the local
ABN AMRO and Fortis entities after the dramatic failure of a
three-pronged hostile takeover of ABN AMRO in 2007 by Royal Bank
of Scotland, Fortis and Banco Santander.
The ABN AMRO group is now made up of ABN AMRO itself and
Fortis Dutch retail banking activities, as well as commercial
and merchant banking services for Dutch firms, and private
banking units in 13 countries, with a growth focus on Asia.
The finance ministry said on Monday an initial public
offering (IPO) of ABN AMRO would be unlikely to take place
before 2014. [ID:nLDE70N1FB]
De Jager said the bank has only recently been integrated
with Fortis and should show investors at least two years of
combined results before being listed.
The government would likely offer ABN AMRO shares to the
market in a phased exit from its stake, he added.
NEW CENTRAL BANK HEAD
Asked about a replacement for Dutch central bank president
Nout Wellink, whose second term at the DNB ends mid-year, De
Jager said the bank’s supervisory board will draw up a list of
three potential successors from which one will then be selected
for the job. He gave no indication on possible timing.