Governor Announces New High-Tech Center for ABN Amro in Chicago

CHICAGO -- Governor George H. Ryan today commended ABN AMRO North America, Inc. for their announced plans to build a new high-tech office tower in Chicago's West Loop that will house most of ABN AMRO's executive offices in one location.

ABN AMRO will construct a state-of-the-art technology facility that is expected to house thousands of employees when completed. The project will result in the creation of up to 500 new jobs and the retention of 1,500 other employees.

"This new office complex represents a tremendous investment in the people of Chicago and the State of Illinois," said Ryan. "To have a leading financial institution like ABN AMRO make this kind of long term investment in Chicago is a testament to the workers, infrastructure and business environment that currently exists in Illinois."

The State of Illinois' Department of Commerce and Community Affairs (DCCA) is providing assistance to ABN AMRO through the Economic Development for a Growing Economy (EDGE) Program, and with a High Impact Business (HIB) designation. In addition, Governor Ryan said the state will work closely with Mayor Daley and the City of Chicago to assist ABN AMRO in developing this project.

"Building ABN AMRO Plaza will unify operations and enable ABN AMRO North America, Inc. to reach its full potential as an organization," said Harrison F. Tempest, chairman and CEO, ABN AMRO North America, Inc. "By consolidating resources and focusing energies on a common goal, ABN AMRO North America, Inc. will maintain and add to its current success."

"This proposed project is another testament to Chicago's growing reputation as the best city in the world to do business," said Mayor Richard M. Daley. "We are pleased that ABN AMRO has chosen to remain in Chicago with a project that will add tremendous value to the dynamic West Loop area and our local community."

Construction of ABN AMRO Plaza is scheduled to begin later this year, and is slated for completion in 2003. The approximately $500 million development will house administrative functions which are currently fragmented across five downtown office buildings.

"This announcement again secures Chicago's standing as a leader in the financial industry," said DCCA Director Pam McDonough. "It also proves that Governor Ryan and Mayor Daley's ongoing partnership is reaping dividends in broadening the economic base for the whole state."

Netherlands-based ABN AMRO Bank N.V. is one of the world's largest banks with total assets of $511 billion and a presence in over 70 countries and territories. In addition to being the headquarters for ABN AMRO's North American operations, Chicago is also home to ABN AMRO's subsidiary, LaSalle Bank.

"ABN AMRO North America, Inc. and LaSalle Bank need additional high-tech space to support technology," said Norman R. Bobins, chairman, president and CEO, LaSalle Bank. "With the enormous growth of e-commerce and its impact on banking, we must ensure that our facilities can support the technology needed to provide the appropriate level of service to our customers."