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

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.

That it was "hopelessly insolvent" and "could not possibly stand up on its own," says Gary. learned that Wachovia was having serious discussions with [Bruce] Hammonds, MBNA’s chief executive..

“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.

Citi agreed Friday to take $100 million from Wells Fargo to settle lawsuits tied to the fall 2008 battle for the remains of the failed Wachovia bank. Obviously, $100 million is not exactly chump.

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Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says The bank did not fail, the FDIC said. FDIC helps in Citigroup’s purchase of. FDIC helps in Citigroup’s purchase of. "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," regulators said in a press statement.

Citigroup also will grant the FDIC $12 billion in preferred stock and warrants. The FDIC asserted that Wachovia didn’t fail, that all depositors are protected and there will be no cost to the.

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Wachovia has 1.3 million Visa and MasterCard credit card accounts. The FDIC has agreed to a loss-sharing arrangement with Citi to cover Wachovia’s pool of $312 billion of bad mortgage loans. Citi will absorb up to $42 billion of Wachovia’s losses and the "FDIC will absorb losses beyond that," according to the FDIC.

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Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says A copy of the exclusivity agreement between Citigroup and Wachovia obtained by revealed that Wachovia had agreed not. the failure of Washington Mutual and its subsequent purchase by.

"Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the agency said. Under the deal, Citi granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.