Freddie Mac-No Politics (FMCC)

[AliAngel]

Posted by: baletwine Date: Monday, September 29, 2008 9:22:53 AM
In reply to: None Post # of 172439

WB Wachovia confirms bank subsidiary divestitures to Citigroup (10.00 ) -Update-

The co announces intentions to sell its retail bank, corporate and investment bank and wealth management businesses to Citigroup. Wachovia Corporation will remain a public company with two main operating subsidiaries: Wachovia Securities, the nation's third largest brokerage firm, and Evergreen Asset Management, a leading provider of asset management services. Under terms of the transaction, Citigroup (C) will pay $2.1 billion to Wachovia and assume the senior and subordinated debt of Wachovia Corporation. The transaction is expected to close before year-end. It has been approved by directors of both companies and is subject to shareholder approval of Wachovia and the appropriate regulatory approvals. Customers of both companies should continue banking as usual, and feel confident that their deposits are secure. Also, employees and vendors should continue to operate business as usual.