NETHERLANDS – NIBC, the merchant bank that was formerly owned by the two largest Dutch pension funds, is preparing a stock exchange listing. Part of the consortium which bought NIBC wants to quit at the end of this year, writes daily Het Financieele Dagblad. ABN Amro Rothschild and Goldman Sachs have been hired to prepare the listing, it quoted ‘financial sources’ as saying. Last year, NIBC’s owners – the €194bn civil service scheme ABP and the €74bn healthcare scheme PGGM – sold the bank for approximately €2bn to venture capitalist Chris Flowers and a group of investors, which included ABN Amro, Banco Santander, CSFB, Delta Lloyd and Flowers’ business partners. According to the daily, NIBC is considering an exchange value of at least €2.5bn. “The bank has allegedly quickly become more profitable and less capital intensive,” it said. “Flowers wants to sell a minority equity stake of at least 25% to the public, in order to allow his fellow-shareholders to quit. He will keep his equity for the time being.” NIBC mainly eyes the business market, with loans and investment banking. Because of already acquired shares and new options, NIBC’s staff could own 5% to 10% of their company in 2009. “We have several scenarios for the future, and one of them is a potential listing,” NIBC spokeswoman Ingebord Klunder responded to IPE. “However, no decisions have been taken yet.” She declined to comment any further.

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