Citigroup Buys ABN Amro Custody Biz
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Tuesday, October 19, 2004

Citigroup Buys ABN Amro Custody Biz

Continuing its sell off of non-core business, ABN Amro announced that it has entered into an agreement to sell its custody business in Greece, India, Indonesia, the Netherlands, Poland, Russia, South Korea and Taiwan to Citigroup.

The business offers fund administration, proxy services, safekeeping and settlement, reporting and other services.

According to Reuters, the business adds $240 billion in custodied assets to Citigroup's $7.3 trillion in assets.

The deal is expected to close within three months.

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