A press release early this morning announced that Wells Fargo was purchasing Wachovia as an intact entity, and avoiding the need for government assistance in the buyout. This is a major change from the word received earlier this week that would have had Wachovia’s retail banking operations purchased by New York-based Citigroup. The new deal is worth $15.1 billion. We’ll update as more information becomes available.
Tag Archives: Banking
Change of plans: Wells Fargo’s buying Wachovia
Posted in Business
Tagged Alabama, announcement, Banking, Birmingham, merger, Wachovia, Wells Fargo
UPDATE: Reports that Citigroup purchases Wachovia
The New York Times is reporting that Citigroup has agreed to purchase the banking operations of Charlotte, NC-based Wachovia (portions of which are formerly Birmingham based AmSouth Bank sorry, SouthTrust Bank) for $1 a share. We’ll see if we can’t get more information for you as it becomes available today.
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