ABN Amro has returned to the Amsterdam stock exchange with a valuation of 16.7 billion euros ($17.9 billion), marking an important stage in its rehabilitation since its near collapse and nationalisation in the financial crisis of 2008.

Certificates in the bank’s initial public offering (IPO) rose 3.4 per cent to 18.35 euros at the start after being priced at 17.75 euros each, seven years after a multi-billion euros state bailout at the height of the crisis.

In the largest European bank listing since the crash, the Dutch state sold a 20pc of the lender, raising 3.3bn euros. It may sell an additional 3pc in an over-allotment option depending on demand, and intends to sell the rest in tranches in coming years.

“The stock market listing is an important milestone,” said chief executive Gerrit Zalm, after sounding a gong at the start of trade in Amsterdam.

“If you look at our capital position, it’s strong, we have a good return on assets, we’ve been paying a dividend again since 2012 and of course we’re going to continue with that ... We’re back again.”

The privatisation echoes other state selloffs of rescued banks, with Britain for instance having progressively disposed of holdings in Lloyds Banking Group and starting to sell RBS shares.

The underlying ABN shares are held by an independent foundation with the power to resist an unwanted takeover, as the Dutch government is determined to prevent a repeat of the mistakes that led to its nationalisation.-Reuters