International
An interview with Mr. P. J. Pistor
Acquisition of LaSalle National Bank completed
CHICAGO, II, AUGUST 14 - ABN Bank and GATX Corporation
today completed the sale of almost 100 of the stock of
LaSalle National Bank to ABN. The Federal Reserve Board
approved the acquisition on July 13 enabling GATX to comply
with regulatory requirements to divest itself of its banking
interests.
Under the terms of the agreement reached last November,
ABN Bank is paying S 118.20 per share. The total investment in
LaSalle Bank is 82 million.
Harrison I. Steans, Chairman of LaSalle's Board, said, "The
affiliation of LaSalle with one of the most prominent European
Banks adds a significant global dimension to LaSalle. We will
have the advantage of international services for our corporate
customers plus financial support for the bank."
LaSalle National Bank is the sixth largest Bank in Chicago
with S 925 million in assets as of June, 1979. The bank has
approximately 700 employees and is ranked 190th among
United States banks as of December, 1978.
its existing U.S. network, consisting
of eight offices, two in New York,
plus one each in Los Angeles, San
Francisco, Houston, Atlanta, Pitts
burgh and Chicago. ABN's branch
in Chicago will continue its whole
sale operations complementary to
LaSalle's services.
Door to new opportunities
The acquisition of LaSalle is fully
in line with ABN Bank's strategy to
obtain a sound and well-run bank
ing business in one of the United
States' most important industries
and financial centers. For the La
Salle National Bank the acquisition
opens the door to new opportu
nities from which its customers and
personnel may benefit.
Dr. Andre Batenburg, chairman
of ABN Bank's Managing Board,
pointed out that ABN Bank, on
which LaSalle National Bank will
now be able to rely for internatio
nal expertise and capital needs, has
Staff journal of the ABN Bank, Amsterdam, Holland, and affiliations
October 1979, No. 3
LaSalle's top-management.
F.l.t.r.: Harrison I. Steans, Chair
man of the Board; Thomas J. Wage-
man, Executive Vice President;
James G. Costakis, Chairman of the
Executive Committee and Presi
dent; Edward R. Grant, Executive
Vice President; Milton F. Darr, Jr.,
Vice Chairman of the Board; Jack
A. Gallas, Executive Vice President.
over 40 billion in assets, approxi
mately 900 branches in 40 coun
tries and a staff of 26,000.
Both Mr. Steans and Dr. Baten
burg underlined that the acquisition
is a meaningful development for the
two banks. For ABN Bank, it im
plies a significant penetration in the
Midwest and a powerful addition to
Dr. Batenburg emphasized, "La
Salle will remain an American Bank
for American people, with a predo
minantly American Board of Direc
tors, but now it will be enhanced
by the financial and professional
strength of a truly international
bank."
He further added, "ABN Bank is
The LaSalle Bank Building in
Chicago
very much aware that LaSalle Na
tional Bank plays an important role
in serving the local communities in
Chicago, and we have made it a
point with the regulatory authori
ties that LaSalle's position under
our ownership will continue to be
one of a responsible partner in
those communities. LaSalle will
continue to be a member of the
Federal Reserve System and there
will be no change in the FDIC
insurance for its deposits."
(Continued on Page 4, Col. 1)
developed to a certain extent in the
past decade or so by reason of the
fact that in the early Seventies the
Managing Board decided that they
would like to concentrate their
investments and the new activities
of our overseas branches in coun
tries which are deemed to be ecorto-
mically and politically stable, in the
sence that their development is
more or less parallel to develop
ments in Holland, obviously with
out neglecting commercially attrac
tive opportunities elsewhere.
This was firstly the case in west
ern Europe, secondly in North
America. In consequence the net
work of branches and subsidiaries
in Europe is relatively young. It
cannot be compared with, say, the
Far East, where we have been ope
rating for over 150 years, or South
America, or even the Middle East."
Interesting development
"The development in Europe has
been most interesting. On the one
hand we have started up quite a
number of branches under our own
(Continued on Page 2, Col. 1)
Mr. P.J. Pistor, 48, has been a general manager of the Bank
since 1975. He is on the staff of the International Directorate,
where he bears special responsibility for Continental Europe,
one of the five-country groups into which, for the purposes of
the work of the Directorate, the world has been divided (see the
Organizational Plan on page 2 of the previous issue).
In an interview with the editor of ABN Banknotes, Mr. Pistor
dealt with the latest developments in the area for which he is
responsible. It is proposed to publish interviews with the other
general managers of the Directorate in forthcoming issues.
"Let me first say," Mr. Pistor
told your editor whom he was
receiving in his tastefully furnished
room at Head office, on Amster
dam's Herengracht, "that it is a
great pleasure to have this inter
view, because it is always useful to
have an opportunity to reveal one's
view to one's colleagues at the
bank."
That is our feeling too, Mr.
Pistor. That is the purpose of our
new series in ABN Banknotes, and
to start with it would be interesting
if you could review recent develop
ments in Europe.
"These European activities have
Mr. P.J. Pistor
o wnntajBm Amsterdam
Ttra<l<.nCXJT„,»,™/* r->L.. A.
Jersey (St. Heifer)
Vuilly-sur-Soim
0 Zurich
Geneva
ABN Banknotes
Welcome
into ABN's
worldwide
'Nothing is a fantasy!'
