ABN AMBRO to Sell Domestic Custody Business to Citigroup

October 19, 2004 (PLANSPONSOR.com) - ABN AMRO, the Dutch bank, has announced its intentions to sell its domestic custody business to Citigroup.

Netherlands-based ABN AMRO will sell its domestic custody business in India, Indonesia, Greece, Poland, Russia, South Korea, Taiwan, and the Netherlands. The bank’s global custody activities will not be sold, according to a press release.

ABN AMRO states that the intended sale is part of a larger strategy that will aim to allocate resources in its Wholesale Clients strategic business unit to its core businesses that are aligned with its client-led model.

The sale is, of course, subject to regulatory approval and closing conditions. The deal is expected to be finalized with three months, according to the company; however, financial details of the transaction will not be disclosed. ABN AMBRO asserts that the sale will not impact the bank’s outlook.