Citi said to eye buying a regional bank
Citigroup Inc. is in discussions to buy another U.S. bank perhaps as soon as this month, the Wall Street Journal reported today.
Citigroup Inc. is in discussions to buy another U.S. bank perhaps as soon as this month, the Wall Street Journal reported today, citing people familiar with the situation.
The name of the financial institution that New York-based Citigroup is considering isn’t known, but it was described as a regional bank.
The interest in acquiring another bank comes one month after Citigroup walked away from a deal to buy Charlotte, N.C.-based Wachovia Corp. (InvestmentNews, Oct. 9), which was eventually acquired by San Francisco-based Wells Fargo & Co.
Citigroup has been battered by the credit crisis this year and three weeks ago posted its fourth consecutive quarterly earnings loss, which included $4.4 billion in write-downs (InvestmentNews, Oct. 16).
A Citigroup spokesman didn’t immediately return a phone call seeking comment.
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