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| ABN AMRO decides to sell US-based mortgage business to Citigroup  Netherlands-based ABN AMRO Bank N.V. has reached an agreement to sell ABN AMRO Mortgage Group, Inc. (AAMG), its US-based Residential Mortgage Broker Origination platform and servicing business – which includes AAMG, InterFirst and Mortgage.com – to Citigroup. Citigroup will purchase approximately USD 9 billion in net assets, of which approximately USD 3 billion is ABN AMRO Mortgage Group's mortgage servicing rights associated with its USD 224 billion mortgage servicing portfolio. LaSalle Bank Corporation, ABN AMRO Mortgage Group's corporate parent, will remain in the residential mortgage business.ABN AMRO's decision to sell the business is part of the Group's strategy to streamline its activities and to align them around its mid-market commercial and consumer clients. ABN AMRO Mortgage Group's business, which is primarily focused on a US-wide national mortgage broker network and mortgage servicing portfolio, falls outside of the bank's strategy. ABN AMRO continues to have a strong presence in the US. The BU NA brings together ABN AMRO and LaSalle Bank Corporation's client activities in the US and Canada, forming one of the largest foreign-owned financial holding companies in North America with total assets of approximately USD 217 billion. LaSalle Bank Corporation is the largest bank holding company headquartered in Chicago with USD 122.3 billion in assets. The BU NA remains a significant contributor to the Group's revenues and its business is largely focused on ABN AMRO's mid-market client segment. Closing is expected towards the end of first quarter 2007. write your comments about the article :: © 2007 Construction News :: home page |