ABN Amro said Tuesday morning that it would pay Dutch rival ING Groep $275m (€300m) for its US prime brokerage, corporate finance, domestic equities and futures and options businesses.
The price falls way below the $600m ING Barings paid for the core of its US operations, broker Furman Selz, in 1997. It will include a derisory $12m goodwill payment and an additional $80m to $100m will be set aside to "tie in certain key employees".
