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Earlier this morning, Citigroup Inc. announced that it will acquire the banking operations of Wachovia Corporation, in a transaction facilitated by the Federal Deposit Insurance Corporation (FDIC) and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President.
Per the FDIC, "[a]ll depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC."
FDIC Chairman Sheila C. Bair commented on the announcement, "For Wachovia customers, today's action will ensure seamless continuity of service from their bank and full protection for all of their deposits. There will be no interruption in services and bank customers should expect business as usual."
Once the acquisition is finalized, it is expected that any assets that were held in deposit accounts at Wachovia, will be held in deposit accounts at Citigroup. SEI is examining the implications, if any, that this acquisition will have on our operations.
SEI will continue to monitor the situation in the coming days and as there are further developments, we will update our clients, shareholders, and employees on this and other related topics. Everyone at SEI thanks you for your continued trust and understanding. If you have follow-up questions, please contact your SEI relationship manager.
For more information, we recommend you access the releases from Wachovia and the FDIC at the respective links below.
http://www.fdic.gov/news/news/press/2008/pr08088.html
https://www.wachovia.com/inside/page/0,,134_307^1803,00.html
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