Nationalized Dutch lender ABN Amro is planning to shed up to 1,000 jobs in its retail banking arm by 2018, as it braces up for re-entering private ownership.

The bank, nationalized during the 2008 financial meltdown, is due to be sold in an initial public offering as early as 2015.

It will also slash the number of branches in its retail unit and make investments worth about EUR150m ($186m) until 2018 for process digitization.

The bank issued a release saying, "We will also further concentrate the branch network and upgrade the branches, offering a broader range of services at each branch."

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