US's sixth largest bank Wachovia looking for buyers: Report | WHAT REALLY HAPPENED

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US's sixth largest bank Wachovia looking for buyers: Report

Financial turbulence in the US took yet another toll with America's sixth largest bank, Wachovia, starting preliminary talks with potential buyers including Citigroup, Wells Fargo and Spain's Banco Santander, media reports say.
The reports about Wachovia looking for a bailout buyer appeared in media a day after the collapse of Washington Mutual, the biggest bank failure of US history.

According to reports, Wachovia has assimilated distressed assets worth USD 122 billion on account of its exposure in the housing mortgage.

Posted on Sep 28, 2008 at 08:15

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