Wells Fargo Gets FED Approval To Buy Wachovia

I now pronounce you…..what?

Wells Fargo Beats out Citigroup

A few weeks ago Citigroup, with a little help from the Fed, had agreed to support and marry Wachovia. Yesterday, the Federal Reserve Board approved the sale of Wachovia to Wells Fargo in a transaction that would not require the government’s involvement and would create the largest bank branch network in the US. Banking giant Citigroup said Thursday it had ended talks with Wells Fargo about reaching an agreement to acquire parts of the struggling bank Wachovia and is no longer looking to buy any of Wachovia’s assets.

Wells Fargo Wins Bid

If you thought your new savings passbook would read Citi, it will probably look like a Wells Fargo one by year-end. Shareholders of Wachovia still must approve the sale, although it will most likely come to pass. Visit Go Banking Rates for the latest information on banks and other rates news, including Wells Fargo.