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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • ABN AMRO Trust Services Company (ABN AMRO Holding NV)
  • The Principal Financial Group
  • Other
  • December 17, 2004
  • N/A

Seller Details

ABN AMRO Holding N.V. is an international banking group offering a range of banking products and financial services on a global basis. The Company's three global strategic business units are consumer and commercial clients, wholesale clients and private clients and asset management. Ranked 11th in Europe and 20th in the world based on tier 1 capital, the firm has over 3,000 branches in more than 60 countries, a staff of about 104,000 and total assets of EUR 637.5 billion (as at 30 September 2004).

ABN AMRO Trust Services Company provides full-service defined contribution recordkeeping and investment services in the US, administering approximately 300 employer sponsored retirement plans.

Buyer Details

The Principal Financial Group (Principal) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services and life and health insurance through its diverse family of financial services companies. Principal has $152.1 billion in assets under management (as of June 30, 2004) and serves 14.6 million customers worldwide from offices in 11 countries. Principal is traded on the New York Stock Exchange.

Transaction Summary

Following extensive internal analysis, ABN AMRO decided that the retirement financial services business is not compatible with its strategic direction going forward. The firm subsequently decided to realize the value of its investments in its well-established platform through a divestiture of ABN AMRO Trust Services Company.

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