Citigroup to buy Wachovia banking operations
Tuesday, 30 September 2008
NEW YORK, Sept 29 (AP): Citigroup Inc. will acquire the banking operations of Wachovia Corporation, one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corporation.
Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.
Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.