Dutch state sells stake in Saudi bank – Min.

BRUSSELS, The Dutch state has sold its stake in Saudi bank SABB for 523 million euro (USD 579 million), Dutch Finance Minister Wopke Hoekstra has told MPs, according to Dutch media reports Thursday.

Excluding costs and settlements, the deal will generate 411 million euro (USD 455 million) for the Dutch treasury, the minister said.

The 75 million shares were sold earlier this week. The name of the buyer has not been made public, DutchNews,nl. Portal reported.

The shares in SABB were acquired indirectly when the Dutch government stepped in to nationalise ABN Amro and Fortis bank following the unsuccessful takeover by a consortium lead by Royal Bank of Scotland in 2008.

Source: Kuwait News Agency