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

(Newser) – Citigroup said today it’s going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall street journal reports. But all’s not chummy in the banking world: Citigroup.

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“It provides superior value compared to the previous offer to acquire. Wachovia’s $312 billion loan portfolio. The FDIC agreed to cover any remaining losses in exchange for $12 billion in Citigroup.

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 · Citigroup, which demanded that Wachovia call off its deal with Wells Fargo, said its agreement with Wachovia provides that the bank will not enter.

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 · It is not clear whether Citigroup will have to pay a break-up fee. In addition to assuming $53 billion worth of debt, Citigroup had agreed to absorb up to $42 billion of losses from Wachovia’s.

Analysts say Citigroup has problems with its balance sheet. The bank has been trying to reduce its own debts and cover its own bad mortgage-related loans. And although the FDIC is insuring Citigroup’s.

 · Citi C, -0.38% also revealed that it had been providing liquidity support to Wachovia Bank this week, ever since a deal between the two banks had been agreed on Monday.

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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 · But jilted Citigroup Inc. is demanding Wachovia abide by the terms of the banks’ earlier deal. And backing Citigroup, the head of the FDIC this morning says the agency is standing behind the original agreement under which Citigroup would buy parts of Wachovia for $2.1 billion.

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 · 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.

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Another Shoe Drops: Citigroup Acquires Wachovia Wachovia is the latest bank to fall victim to the global financial crisis. The Federal Deposit Insurance corp. announced monday that Citigroup will.

NEW YORK — 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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