AMSTERDAM, May 14 (Reuters) - Dutch bank Triodos on Tuesday said it would prepare for a listing of its shares on Euronext.
Triodos focuses on sustainable financing and reported a net profit of 77.2 million euros ($83.25 million) on total income of 466 million euros for 2023.
Its assets under management totalled 23.2 billion euros last year.
Triodos said a listing on Euronext was meant to resolve problems with its own depository receipts, which have plummeted in value in the past four years.
Since its foundation in 1980 the bank had offered investors a guaranteed price for its certificates, but was forced to halt trading in 2020 when the outbreak of the COVID-19 pandemic led to a surge of sellers.
When trading resumed around three years later on a new platform designed by the bank, the certificates immediately lost around 75% of their value.
Triodos said its trading platform had not resolved the problems for its certificate holders, as volumes remained low and prices have barely recovered.
"We have concluded a listing on Euronext will provide improved accessibility and therefore a better fit with new and current investors, while our mission, values and ambition to be a frontrunner in sustainable banking will remain unchanged," chief executive Jeroen Rijpkema said. The bank said it will now seek approval from investors and regulators for the proposed listing. ($1 = 0.9273 euros) (Reporting by Bart Meijer; Editing by Kirsten Donovan)
