AMSTERDAM/LONDON: British bank Barclays has agreed to buy Dutch rival ABN AMRO in a recommended deal worth just over 67 billion euros ($91.2 billion), the two banks said.
The banks said they had agreed to sell ABN’s US bank LaSalle to Bank of America for $21 billion.
Barclays offered euro36.25 (US$ 49.25) for each ABN share, Friday’s closing price, the banks said. As part of the deal, ABN announced it is selling its U.S. unit LaSalle Bank to Bank of America Corp. for US$21 billion (euro15.45 billion) in cash.
“The proposed merger of ABN Amro and Barclays will create a strong and competitive combination for its clients with superior products and extensive distribution,” the banks said in a statement. “The merged group is expected to generate significant and sustained future incremental earnings growth for shareholders.”
The banks said the merger would create a single bank, headquartered in Amsterdam, with 47 million customers worldwide.