Wells Fargo to pay Citi $100M on Wachovia acquisition

Wells Fargo & Co. will pay Citigroup Inc. $100 million to settle all claims related to Wells' $15 billion acquisition of Wachovia Corp., the companies announced Friday.

San Francisco-based Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) battled to buy troubled Wachovia in 2008 at the height of the financial crisis.
The announced payment will settle all claims.

Citigroup had originally sought $60 billion over the acquisition when it filed the suit.

Citi had made an agreement to buy Wachovia in September 2008, only to see Wells Fargo step in days later with a better offer.

"We are glad to put this matter behind us and we look forward to our two institutions working together constructively in the future,” the companies said in their announcement Friday.

Wells Fargo's acquisition of Wachovia brought it to the Atlanta market. According to the most recent FDIC data, Wells Fargo is metro Atlanta's second-largest bank with 200 branches, $21.8 billion in local deposits and a 19.7 percent market share.

 

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