CITIGROUP TO ACQUIRE ABM AMRO MORTGAGE GROUP

Merger with CitiMortgage would create third-largest

home loan originator

Citigroup Inc. says it will acquire ABN AMRO Mortgage Group, and move ABN's $224 billion mortgage servicing portfolio and 2,500 wholesale brokers to CitiMortgage Inc. in the process.

The combined companies will be the fourth-largest mortgage loan servicer and third-largest originator, Citigroup said in a press release today. Terms of the sale, which is expected to close this quarter, were not disclosed.

ABN AMRO Mortgage Group's primary originations business is via wholesale lending under the InterFirst brand. ABN AMRO Mortgage Group is a subsidiary of LaSalle Bank Corp. and ABN AMRO Bank N.V., and is headquartered in Ann Arbor, Mich.

Headquartered in St. Louis, Mo., CitiMortgage Inc. specializes in residential home lending through retail, wholesale and correspondent loan origination channels.

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Monday, January 22, 2007

Inman News