As Forbes.com originally reported earlier this year, LaSalle (another bank that offered free OFX based Bill Pay) has been sold to Bank of America. ABN AMRO has been entertaining bids from Barclays for a potential merger for the majority of the year. A consortium of banks including the Royal Bank of Scotland, Fortis, and Banco Santander has set up a rival bid.
Regardless of which offer is accepted later this week, according to the International Herald Tribune, the sale of LaSalle to Bank of America has been confirmed.
“‘LaSalle customers and commercial clients can now enjoy the benefits of the largest retail bank in the nation,’ Kenneth Lewis, chief executive of Bank of America, said. LaSalle branches will begin to change to the Bank of America brand during the first quarter of next year.”
Of course, this has implications other than the possible dissolution of ABN AMRO. It has been suggested that with the acquisition of LaSalle, and the also recent acquisition of US Trust, Bank of America may now standing dangerously close to the 10 percent threshold. And that could mean more hassle for Bank of America users, both old and new.