SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of October, 2000
ABN AMRO HOLDING N.V.
ABN AMRO BANK N.V.
(Translation of registrant's name into English)
Gustav Mahlerlaan 10, 1082 PP Amsterdam, The Netherlands
(Address of principal executive offices)
[Indicate by check mark whether the registrant
files or will file annual reports under cover of Form
20-F or Form 40-F.]
Form 20-F X Form 40-F
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[Indicate by check mark whether the registrant by
furnishing the information contained in this Form is
also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes No X
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Schedule of Information Contained in this Report:
1. The English language press release of ABN AMRO BANK N.V.
announcing the acquisition of Allegheny Asset Management, the fund
management subsidiary of US-based Alleghany Corporation.
The Information contained in this Report is incorporated by reference
into Registration Statement No. 333-49198.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.
ABN AMRO Bank N.V.
Date: October 26, 2000 By: /s/ J.M. de Jong
Name: J.M. de Jong
Title: Member of the Managing
Board
By: /s/ C.H.A. Collee
Name: C.H.A. Collee
Title: Member of the Managing
Board
Amsterdam, 18 October 2000
ABN AMRO BANK N.V. ACQUIRES ALLEGHANY ASSET MANAGEMENT, SUBSTANTIALLY
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ENHANCING ASSET MANAGEMENT POSITION IN THE US
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ABN AMRO BANK N.V. TODAY (WEDNESDAY, 18 OCTOBER) ANNOUNCED IT HAS
AGREED TO ACQUIRE ALLEGHANY ASSET MANAGEMENT, THE FUND MANAGEMENT
SUBSIDIARY OF US-BASED ALLEGHANY CORPORATION, FOR A PURCHASE PRICE OF
USD 825 MILLION IN CASH, SUBJECT TO ADJUSTMENT BASED UPON ASSETS UNDER
MANAGEMENT AND ALLEGHANY ASSET MANAGEMENT'S STOCKHOLDER'S EQUITY AT THE
CLOSING DATE. FUNDING FOR THE TRANSACTION MAY BE THROUGH THE ISSUANCE
OF ORDINARY SHARES, FROM INTERNAL SOURCES, OR THROUGH A COMBINATION OF
THESE METHODS. IN ADDITION, ABN AMRO HAS AGREED TO PROVIDE RETENTION
PAYMENTS AND OTHER COMPENSATION TO KEY EMPLOYEES. ALLEGHANY ASSET
MANAGEMENT MANAGES ASSETS WITH A TOTAL VALUE OF USD 45 BILLION. THIS
STRATEGIC ACQUISITION INCREASES ABN AMRO'S GLOBAL ASSETS UNDER
MANAGEMENT BY 40% TO USD 155 BILLION.
The acquisition gives ABN AMRO access to over 550 institutional clients
in North America. Alleghany Asset Management's principal subsidiaries
are Atlanta-based Montag & Caldwell and the Chicago Trust Company in
Chicago, with assets under management of USD 30 billion and USD 15
billion respectively. Approximately 80% of the funds under management
are institutional assets, sourced primarily through pension
consultants. Both subsidiaries have achieved very strong investment
performance over the last five years, especially in US equities and US
fixed income.
ABN AMRO's current US presence consists of three subsidiaries -LaSalle
Bank Group in Chicago, Standard Federal Bank in Troy and New York-based
European American Bank- and of the ABN AMRO wholesale banking network.
The acquisition substantially increases the presence of ABN AMRO Asset
Management in the world's largest fund market. Alleghany Asset
Management's activities provide ABN AMRO in North America with the
ability to attain scale in key product lines, as well as cross-selling
opportunities. Furthermore, they offer a platform to further expand the
bank's private client business in the US.
Alleghany Asset Management will be integrated into Private Clients &
Asset Management, one of the three newly formed Strategic Business
Units within ABN AMRO.
Dolf van den Brink, member of the Managing Board of ABN AMRO and
Chairman of Private Clients & Asset Management, commented:
"The similarity of investment philosophy and vision between our two
firms is clearly a crucial ingredient in ensuring a smooth integration.
Alleghany Asset Management's proven track record of excellent long-term
investment performance presents us with a unique opportunity to
substantially increase the revenues and the economic profit of our
asset management business."
Tom Cross Brown, head of ABN AMRO Asset Management, commented:
"Alleghany Asset Management provides us with access to proven expertise
in managing US equities and US fixed income. Also, Alleghany Asset
Management's strong consultant relationships can be used as a platform
for the sale of ABN AMRO's international asset management products to
US clients."
Stuart D. Bilton, President and Chief Executive Officer of Alleghany
Asset Management, commented:
"As a consequence of this transaction, we will now have access to the
global expertise and reach of one of the world's leading financial
institutions. We anticipate that the combination of the distribution
power of ABN AMRO with our record as a premier institutional equity and
fixed-income manager will make this merger very successful."
The transaction, which has been approved by the Board of Directors of
Alleghany Corporation and the Managing Board of ABN AMRO N.V., is
subject to a number of customary terms and conditions, including
certain regulatory approvals and the re-approvals of advisory and sub-
advisory agreements by the various funds advised by Alleghany Asset
Management's subsidiaries. The purchase price is subject to adjustment
based on changes in net worth between June 30 and the closing and a
potential reduction in price if there are substantial withdrawals of
assets by clients. It is expected that the closing will occur in the
first quarter of 2001.
- - -
Note to the editor:
ABN AMRO Asset Management is part of ABN AMRO Bank N.V., based in the
Netherlands. It carries out global asset management activities on
behalf of institutional, private and retail clients and employs over
1,000 people in 33 countries. ABN AMRO Asset Management has an
international network which is coordinated through five regional
production centres located in Amsterdam, London, Chicago, Hong Kong and
Singapore.
Enquiries:
ABN AMRO Press Office ABN AMRO Investor Relations
Jochem van de Laarschot +31 20 628 7835
+31 20 629 5207
