Former Dutch finance minister Gerrit Zalm is standing down earlier than expected as chairman of the board at ABN Amro bank.

The bank announced Tuesday that Zalm will leave his post next year, cutting short a term of office that was meant to run until May 2018.

ABN Amro says Zalm "has decided to make way for a new chairman who will be able to lead the bank for a longer period of time."

The bank has recently been restructured and re-privatized following its bailout by the Dutch government in 2008 during the global financial crisis.

The government spent 21.7 billion euros ($24.4 billion) to nationalize the bank as well as the Dutch operations of Belgium's now-defunct Fortis NV, which was part of a consortium trying to buy ABN Amro.