Merrill Buys ABN AMRO Divisions
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Tuesday, January 13, 2004

Merrill Buys ABN AMRO Divisions

Merrill Lynch has purchased the U.S. equities and options execution and clearing unit of the Netherlands-based bank ABN AMRO. Merrill Lynch officials did not disclose terms of the transaction other than that they expect it to close in the second quarter.

The deal covers four ABN AMRO divisions: Options clearing; options execution; equity execution and correspondent clearing.

Merrill Lynch made the buy as part of its efforts to build its options clearing business, expand its institutional client base, and enhance the service it provides to clients in these key businesses, said Paul Galietto, managing director and head of Global Equity Financing and Services at Merrill Lynch in a statement.

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