Citi to acquire ABN Amro146;s fund business

8216;8216;We intend to build up on this acquisition to satisfy our client needs and further grow our market share in the global transaction services business,8217;8217; Nayar said.

Citigroup would combine ABN Amro8217;s domestic custody operations with its current global transaction services operations in each of its respective markets, it said.

ABN Amro8217;s operational and servicing staff and management would also become members of the citigroup organisation.

The acquisition process was expected to close within the next 90 days subject to regulatory approvals, it said, adding ABN Amro business would join the GTS unit in Citigroup8217;s global corporate and investment banking group.

The purchase may add 240 billion in assets under custody to Citigroup8217;s 7.3 trillion.