Citi buys Wachovia's banking arm in $2.16bn deal

Citi is to buy the banking operations of regional bank Wachovia for $2.16 billion in stock. Under the terms of the agreement, Citi will acquire more than $700 billion of assets of Wachovia's banking subsidiaries and related liabilities.

The company will assume Wachovia's senior and subordinated debt, worth $53 billion.

The Federal Deposit Insurance Corporation will provide loss protection on around $312 billion of mortgage-related assets. Citi will take on the first $30 billion of losses on this

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