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Citigroup to get ABN Amro's securities business
By siliconindia staff writer
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Tuesday, 19 October 2004, 19:30 IST
NEW DELHI: Financial services major Citgroup Tuesday said it is acquiring the direct custody, securities clearing and fund services of ABN Amro in eight Asian and European markets, including India.
The deal is expected to generate $240 billion in assets under the custody of Citigroup's Global Corporate and Investment Banking Group. It covers ABN's operations in the Netherlands, Russia, Greece, Indonesia, South Korea, Poland and Taiwan, besides India.
While the other details of the deal were not disclosed, Citigroup said the transaction, scheduled to close within 90 says after customary regulatory approvals, is expected to be accretive to its earnings in the first year.