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.