WASHINGTON, Oct 12 (Reuters) - The Federal Reserve said on Sunday it approved the takeover of Wachovia Corp and its banking subsidiaries by Wells Fargo & Co of San Francisco.
The Fed decision formally made Wells Fargo the victor in a battle between it and Citigroup which also had sought to acquire the Charlotte, North Carolina-based bank. Citigroup dropped out of the chase last Thursday.
(Reporting by Glenn Somerville; Editing by Andrea Ricci) Keywords: FINANCIAL/WACHOVIA tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
The Fed decision formally made Wells Fargo the victor in a battle between it and Citigroup which also had sought to acquire the Charlotte, North Carolina-based bank. Citigroup dropped out of the chase last Thursday.
(Reporting by Glenn Somerville; Editing by Andrea Ricci) Keywords: FINANCIAL/WACHOVIA tf.TFN-Europe_newsdesk@thomson.com ak COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.