Wachovia Announces Bank Subsidiary Divestitures to Citigroup
Wachovia Corporation to become a focused leader in retail brokerage and
asset management.
CHARLOTTE, N.C., Sept. 29 /PRNewswire-FirstCall/ -- Wachovia today announced 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.
"During recent weeks, the financial landscape has changed significantly and presented us with unprecedented challenges," said Robert K. Steel, CEO and President of Wachovia. "Today's announcement is the best alternative for the company, enabling a resolution on the Golden West portfolio."
Under terms of the transaction, Citigroup will pay $2.1 billion to
Wachovia and assume the senior and subordinated debt of Wachovia
Corporation.
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