Dutch lender ABN Amro valued at €16.7bn in one of Europe's biggest banking IPOs
Stock in ABN Amro is to begin trading at €17.75 this morning, just below the midpoint of a proposed range, valuing the state-owned Dutch bank at €16.7bn.
The move will raise at least €3.3bn in the largest European bank listing since the 2008 financial crisis.
The Dutch state is selling 20pc in the privatisation, or 23pc including an over-allotment option, and intends to sell the rest in tranches.
ABN's listing on is a milestone that comes as the Dutch economy finally recovers from the crisis and as the government tries to move past ABN's costly nationalisation in 2008.
Finance Minister Jeroen Dijsselbloem, who gave final approval to sell the stake in the bank, conceded that taxpayers are unlikely to recover the €22bn cost of its bailout.
"There was a much larger price tag on the rescue of ABN Amro," Dijsselbloem said in Brussels. "We're just going to try to sell it for the best possible return."
He has previously said that the government's ownership of the bank was a temporary measure and it would sell the rest of its stake in coming years.
ABN was a major international player before it was carved up as part of a failed €71bn hostile takeover by Royal Bank of Scotland, Santander and the now defunct Fortis that was nominally the largest ever in the banking industry.
It became a symbol of market failures in the Netherlands when its Dutch rump had to be rescued to avoid a crippling bankruptcy of a systemic bank.