ABN Amro Chicago Corp. is the latest and apparently most serious suitor to express interest in buying Citicorp's futures trading unit.
Crain's Chicago Business said that the ABN Amro unit had tentatively agreed to buy Citicorp's futures business. The deal is reportedly contingent upon a financial review.
The purchase price could be about $20 million, according to sources at the Chicago Mercantile Exchange.
Last September, Citicorp said it was reviewing its strategy in the futures brokerage business.
At the time, five suitors surfaced, and CommerzFutures, a division of Commerzbank, appeared to be the most interested. Chicago Corp. also expressed interest. However, at the time, ABN Amro was still in the process of acquiring Chicago Corp.
The acquisition could be a step up for Chicago Corp.'s futures business. It had adjusted net capital of $44.5 million in 1996, according to Commodity Futures Trading Commission records.
Citicorp's futures group had an adjusted net capital of $52.4 million.