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National Australia Bank Ltd. announced on Thursday that it has reached an agreement to sell Michigan National Bank to ABN Amro Holding NV, a Dutch banking giant, for $2.75 billion. The sale is expected to be completed in the first half of 2001. The sale is in line with National Australia's strategy to increase its focus on Britain while it also seeks a dual-listing there. The bank plans to use a portion of the sale's proceeds to expand its British presence. Michigan National Bank, which has 185 branches and $11.6 billion in assets, will be combined with ABN Amro's Detroit-area Standard Federal Bank to form Michigan's second-largest bank.
Wednesday, 22 November, 2000