Barclays buys ABN Amro for $91 billion

ABN Amro agreed to be acquired by Barclays for 67 billion euros, or $91 billion, creating one of the world's largest banks. The combination of ABN Amro and Barclays will create one of the world's largest banks by total assets, about $3.1 trillion, according to Bloomberg data. It will have operations from Brazil to South Africa, with 217,000 employees and 47 million customers.

Barclays, which traces its roots back 300 years to banker James Barclay, conceded to locate the combined bank's headquarters in Amsterdam, instead of London. The holding company of the new group will be called Barclays. The combination would offer 3.5 billion in annual cost savings, including the reduction of 23,600 jobs, or 10% of the combined work force.

European banks are under pressure to grow through acquisitions and compete with larger U.S. rivals and avoid becoming a takeover target. Barclays itself has been rumored to be a target for banking groups such as Citigroup in the past.

- This is a backblog (24 Apr 2007)

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