AMSTERDAM — ABN Amro Holding NV said Monday in a press release that it has completed the sale of LaSalle to Bank of America after gaining the necessary regulatory approvals and fulfilling other customary closing conditions.
As previously announced, Bank of America is paying ABN Amro $21 billion in cash for LaSalle, the Dutch bank that is at the heart of a takeover battle itself said.
ABN Amro added the sale of LaSalle will result in a book gain of approximately EUR7.3 billion, which will be accounted for in ABN Amro's fourth quarter results.
The transaction consists of the sale of ABN Amro North America Holding Company 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.
ABN Amro Chief Executive Officer Rijkman Groenink said "LaSalle is a very successful bank, as evidenced by the excellent valuation achieved for the business. Its success is based on its strong client-led model and a long history of building strong relationships with customers, and we are immensely proud of its contribution to the progress of ABN Amro. We wish LaSalle continued success as part of Bank of America."
