“With a €20.10 target price, we have an add recommendation for the Dutch bank whose current market capitalization amounts to €18bn. Eight years after its purchase by Fortis, RBS and Banco Santander, ABN Amro has returned to centre-stage via an IPO, albeit much leaner and transformed relative to its previous manifestation. The new ABN Amro effectively comprises the ex-Dutch assets of Fortis which were acquired by the Dutch State in 2008. The Dutch State also remains its main shareholder (77% of ....