Euronext, Europe’s largest exchange, saw the initial public offering (IPO) of ABN AMRO (ticker symbol: ABN), which kicked off its inaugural trading day Friday on its Amsterdam market.
ABN AMRO is one of the largest Dutch full service banks, complete with a vast array of financial services and traditional banking products. The banking group also services retail, private and corporate banking clients, whose main focus extends to the Netherlands with select exposure abroad.
In addition, the bank has cultured a transparent image among would-be and current investors, that has helped highlight a moderate risk profile and clean balance sheet, reinforced by a strong capital position – this is a stark departure from several other European banks, which have recently made headlines for a litany of cost cutting measures amidst waning earnings.
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The IPO was a large success, having managed to raise $3.5 billion (€3.3 billion), which constituted the second largest IPO in Europe in 2015 – furthermore, ABN AMRO achieved a market capitalization of $17.9 (€16.7 billion), which is by far the highest in Europe’s markets since 2011.
According to Gerrit Zalm, Chairman of the Managing Board of ABN AMRO, in a recent statement on the IPO, “ABN AMRO, the bank that was listed on the Amsterdam stock exchange today, is different from its predecessor, which operated under the same name. ABN AMRO is a bank with a primary focus on the Netherlands and with well-considered and selective operations internationally.”
“This is a special day for ABN AMRO and we congratulate them on their successful IPO and listing. The privatisation of ABN AMRO through a listing on our market is a great achievement and a logical step for this leading Dutch bank with long-standing roots in the financial industry. Euronext Amsterdam is proud to fulfill its role as a capital raising centre for companies, large, mid and small, which is fundamental for the Dutch economy,” noted Maurice van Tilburg, CEO of Euronext Amsterdam, in an accompanying statement.