NL Financial Investments (NLFI), which manages the Dutch government’s investments, has decided to dispose an additional 7% stake in ABN Amro.

Under the arrangement, NLFI will offload 65 million ordinary shares in ABN Amro at €22.75 per share in an accelerated bookbuild.

The stake disposal will dilute the state’s holding in ABN Amro to 63% from 70%. The Dutch bank said that it will not secure any proceeds from the deal.

ABN Amro’s Dutch assets were nationalised by the government during the financial crisis in 2008 following its acquisition by a banking consortium led by RBS. The government partially privatised the bank in 2015 through an initial public offering.

The government also plans to gradually sell its remaining stake in the Dutch lender.

“Furthermore, NLFI has agreed with the joint bookrunners that the remaining shares in ABN AMRO Group held by NLFI will be subject to a lock-up period of 60 calendar days following the settlement of the transaction,” ABN Amro said in a statement.

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