Bank of America Completes Purchase of LaSalle

Christopher Owen

3 October 2007

Bank of America yesterday completed the $21 billion cash acquisition of LaSalle Bank Corporation, the US subsidiary of Dutch bank ABN AMRO, after gaining the necessary regulatory approvals and fulfilling other closing conditions. The transaction consists of the sale of ABN AMRO North America Holding Company which comprises the retail and commercial banking activities of LaSalle. ABN AMRO's North American Global Markets and Global Clients operations are not part of the sale. LaSalle Bank Corporation is headquartered in Chicago with more than $106.6 billion in assets. Its primary subsidiaries are LaSalle Bank and LaSalle Bank Midwest. "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," said Rijkman Groenink, chairman of the managing board of ABN AMRO. The sale of LaSalle will result in a book gain of approximately €7.3 billion , which will be accounted for in ABN AMRO's fourth quarter results. The Dutch Supreme Court ruled in July that the LaSalle sale could proceed despite the ongoing battle for ABN AMRO between Barclays and the RBS, Fortis and Santander consortium. The legal challenge had been brought by Dutch shareholders association VEB against ABN Amro’s management.