Which Regional Bank Does Citigroup Have Its Eye On?

Posted by Bess Levin, Nov 10, 2008, 8:51am

Picture 154.pngThe Wall StreetJournal lets us know this morning that Citi, ready to move on from last month's Wachovia-Wells upset, is on the prowl for new bank. But they won't tell us *which* bank, the scamps. It's unclear if the blind item is as a result of the "people familiar with the situation" not telling the Journal the name of the bank and they actually don't know or if this is just some sick game they're playing with us for sport ("the target's name couldn't be determined" could go a lot of ways). Anyway, here are the clues:

- regional bank

- overlaps geographically with Citigroup's retail-banking unit, which has its highest concentration of branches in the Northeast, California and Texas. A deal could be reached later this month, the people said.

Apparently "insiders" feel that a buy would "pump up morale at Citigroup," since an internal goal at the firm is to get so fat it can't tie its own shoes. Kind of cattily though completely awesomely, the J points out that "any acquisition by Citigroup could feel like a consolation prize, because none of the remaining sellers among U.S. banks comes close to Wachovia in size." Anyway, tell us who it is now.

8Recommend this! 67Comments

Comments

Comments hidden for your protection. Show them anyway!

Post Your Comment