Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

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Citigroup would acquire most of Wachovia’s assets and liabilities. The FDIC would agree to share future losses on a pool of $312 billion in loans, and Citi would agree to absorb up to $42 billion of future losses on the pool; if losses exceeded that amount, the FDIC would absorb them.

Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC. Wachovia, with about $800 million in deposits, is the second-largest bank in the city, behind Columbus Bank and.

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Citigroup Inc. will acquire the banking operations of Wachovia Corp., based in Charlotte, N.C., in a transaction facilitated by the Federal Deposit Insurance Corp. (FDIC) and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the president.

Citigroup Inc.’s takeover of Wachovia Corp. Corp. and its pending acquisition of Merrill Lynch & Co. Inc. JPMorgan Chase & Co., led by Jamie Dimon, boosted its market share to 9.75 percent with its.

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The Federal Deposit Insurance Corp. this morning said Citigroup Inc. will acquire the banking operations of Charlotte-based Wachovia Corp. in a transaction facilitated by the FDIC.

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Wells Fargo, Not Citigroup, To Acquire Wachovia : NPR – Wells Fargo, Not Citigroup, To Acquire Wachovia.. savings and loan – in a deal brokered by the FDIC for $1.9 billion. Warren says the Wells Fargo-Wachovia deal was driven by Wells’ interest.

NEW YORK (AP) — In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations. causing big losses for the banks. The FDIC asserted Monday that.

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Citi initially agreed in September 2008, two weeks after the collapse of Lehman Brothers, to buy Wachovia for a song in a government-assisted deal. An FDIC-backed acquisition would have amounted.

FDIC Facilitates Citi-Wachovia Deal – cnbc.com – FDIC Facilitates Citi-Wachovia Deal 8:47 AM ET Mon, 29 Sept 2008 Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.

Citigroup To Take Over Wachovia.. Citigroup Inc. will acquire the banking operations of Charlotte, N.C.-based Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.

The head of the FDIC is standing behind the agreement it made with Citigroup Inc. for buying Wachovia Corp. despite Wells Fargo & Co.’s new $15.1 billion deal trumping Citigroup’s plan. Federal.

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