Bank of America agrees to buy LaSalle Bank for 21 bln usd from ABN Amro - report |
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Mon, 23 Apr 2007 03:59
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HONG KONG (XFN-ASIA) - Bank of America Corp has agreed to buy LaSalle Bank for 21 bln usd from ABN Amro Holding NV, the Wall Street Journal reported in its online edition.The boards of Bank of America and ABN met Sunday and approved the purchase of LaSalle, the paper cited a person familiar with the matter as saying.The acquisition will give Bank of America a major presence in Chicago, as it will get assets totaling 120 bln usd, including 400 branches in the LaSalle network and 15,000 commercial bank clients, the report said.If approved by regulators and shareholders, Bank of America and LaSalle's combined operation would likely be slightly bigger in Chicago than longtime market leader, J.P. Morgan Chase & Co, which has 15.3 pct share of the market, it said.ABN is spinning off LaSalle as part of negotiating a potential sale to Barclays, under discussion for more than a month.The sale of LaSalle could prove to be an obstacle to a consortium of other European banks that is attempting to move to purchase and then chop up ABN's assets, including LaSalle, the Journal noted.rc/
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LaSalle Bank ratings unaffected by Barclays-ABN AMRO merger talks, says Fitch 