Page 8 - RBS – ABN takeover

announcing in April a side-deal to sell ABN's Chicago-based US retail banking

subsidiary, LaSalle Bank Corp., to Bank of America for $21bn (£10.5). This was a

particular blow to Sir Fred, as LaSalle was widely regarded as his main target at

ABN. It would be easy to mesh LaSalle with RBS's flourishing US east coast

business, Citizens.

Market positioning of top ten banks, 2007

ABN's decision to sell LaSalle was widely seen as a

poison pill measure to frustrate the RBS led consortium.

The consortium however, reacted by topping the Bank of America's offer for

LaSalle, with a separate £12 billion bid for the subsidiary - a move firmly rebuffed

by ABN.