Citigroup looking for opportunistic acquisitions

Citigroup looking for opportunistic acquisitions
Tags: Bank / Credit Union, North America, Regulatory Issues
October 21, 2008

The Irish Times: Citigroup intends to use the harsh climate in the financial markets to seek out opportunistic acquisitions, according to Citigroup chief financial officer Gary Crittenden. The plan stands in spite of Citi losing out on its bid to acquire Wachovia. On a conference call to discuss Citi's third-quarter loss of $2.8 billion, Crittenden said Citi had explored three acquisitions in recent weeks, two of which had been publicly disclosed. In addition to Wachovia, Citi was known to be interested in Washington Mutual, a failing bank that was gobbled up by JP Morgan Chase in late September.

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