ABN Amro and Barclays have agreed to merge in one of the largest cross-border combinations in European banking history, the Wall Street Journal has reported.
The deal involves Barclays offering €36.25 ($49.27) for each ABN share. As part of the deal, ABN announced it is selling its U.S. unit LaSalle Bank to Bank of America Corp. for $21 billion in cash.
Arthur Martinez will be the chairman of the new combination, while John Varley will be named chief executive officer.