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More Bank Mergers

Discussion in 'Financial Cents' started by Clyde, Apr 23, 2007.

  1. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    LaSalle Bank to be sold to Bank of America for $21 billion

    7:26 am, April 23, 2007

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    </center> <hr noshade="noshade" size="1"></td> </tr></tbody></table> LaSalle Bank Corp.’s parent company, ABN Amro Holding N.V., has agreed to sell the bank to Charlotte, N.C.-based Bank of America Corp. for $21 billion in cash.

    Chicago-based LaSalle owns Troy-based LaSalle Bank Midwest N.A.

    The sale comes the same day Amersterdam-based ABN Amro Holding announced it had agreed to a merger with London-based Barclays plc, according to ABN Amro news releases.

    The deal includes virtually all of ABN Amro’s North American holdings, except for its North American Asset Management businesses and certain businesses within ABN AMRO's North American Global Markets and Global Clients operations.

    The sale of LaSalle is expected to complete late 2007 and is subject to regulatory approvals.

    Check back with www.crainsdetroit.com for updates to this story throughout the day.
  2. Bear

    Bear Monkey+++ Site Supporter+++ Founding Member Iron Monkey

    IMHO.... Financial institutions (and other businesses) are having problems with "organic" growth and are more and more looking to mergers and acquisitions to buoy and boost stock price.... in addition... stock buy backs and dividends are popular uses of capital to satisfy stock holders.... but its not real growth of the business that most analysts question management about.... its a symtom of the problems we're seeing in the economy and its one of the things that holding the stock market up.... for now....NO!!
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