The transaction amounted to 15.000 million euros
Dutch bank ABN AMRO announced today that it has completed the sale of its US subsidiary LaSalle to Bank of America for $21.000 billion (around €15.000 billion) to be paid in cash.
In a statement, ABN noted that Bank of America is acquiring its retail and commercial banking business in North America, but clarified that the transaction does not include global customer and market assets.
Divesting LaSalle will bring ABN an accounting gain of approximately 7.300 billion euros, which will be charged to the fourth quarter results, the Dutch entity explained today.
The sale of LaSalle to Bank of America was part of the merger agreement between ABN and Barclays and became an obstacle to the competing bid submitted by Santander, Fortis and Royal Bank of Scotland (RBS).
The consortium tried to include LaSalle's activities in its bid (in which RBS was very interested), but after a long back-and-forth, it ended up giving up.
ABN's top executive in North America, Joost Kuiper, today thanked all the LaSalle staff for their professionalism and highlighted the results achieved over 30 years of collaboration.
For his part, the Chairman of the Board of Directors of the Dutch entity, Rijman Groenink, congratulated those who made it possible, "in a period of uncertainty", to complete the transaction as planned and within the expected timeframe.
Groenink emphasized that LaSalle is a good bank, whose success, he noted, is based on a customer-centric business model.
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