The deal of a lifetime?
In January 2007, ABN AMRO sold its ABN AMRO Mortgage Group (a
subsidiary of subsidiary LaSalle Bank) to Citigroup. Under the
terms of the deal, Citigroup purchased approximately $9 billion in
mortgage assets. ABN AMRO reported that it expected "a small book
gain" after transaction costs; it also said that the bank's current
strategy of focusing on midmarket commercial and consumer clients
did not include national mortgage servicing portfolios.