The Netherlands-based ABN Amro has completed the sale of LaSalle to Bank of America after gaining the necessary regulatory approvals and fulfilling other customary closing conditions. Bank of America is paying ABN Amro $21 billion in cash for LaSalle.
The transaction consists of the sale of ABN Amro North America Holding, which principally consists of the retail and commercial banking activities of LaSalle Bank Corporation. ABN Amro’s North American global markets and global clients operations are not part of the sale.
The sale of LaSalle will result in a book gain of approximately E7.3 billion, which will be accounted for in ABN Amro’s fourth quarter results.
Member of the managing board of ABN Amro and responsible for the business unit North America, Joost Kuiper, said: We would like to thank the staff of LaSalle for their professionalism and the excellent results they have achieved during this process. The fact that we are now parting ways will lead to mixed emotions in many of us. We have a shared history of almost 30 years and we’re proud of the co-operation and results we have achieved. We wish everyone the very best for the future.
Rijkman Groenink, chairman of the managing board of ABN Amro, added: I would like to thank my colleagues across the bank who have worked so hard, during a period of uncertainty, to ensure that this transaction was completed on time and as planned.