Citigroup to buy ABN Amro's units

Citigroup to buy ABN Amro's units

NEW YORK : Citigroup Inc., the world's biggest bank, agreed to
buy ABN Amro Holding NV's transaction-services businesses in
European and Asian countries such as the Netherlands, India and
South Korea.

Terms weren't disclosed. The units provide direct custody,
securities clearing and fund services to 550 financial
institutions in the Netherlands, Russia, Greece, India,
Indonesia, South Korea, Poland and Taiwan, Citigroup said in a
statement. The purchase may add US$240 billion in assets under
custody to Citigroup's $7.3 trillion.

Citigroup's transaction-services business, which transfers
money for banks, investment firms and individuals, earned $285
million in the third quarter, a 45 percent rise from the year
earlier. Assets under custody have climbed 28 percent in the past
year. -- Bloomberg