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Earlier this morning, Wells Fargo Corporation and Wachovia Corporation announced that they have signed a definitive agreement for the merger of the two companies, including all of Wachovia’s banking operations in a whole company transaction requiring no financial assistance from the Federal Deposit Insurance Corporation or any other government agency. It is therefore our understanding at this time that Wachovia is not moving forward with the proposed Citigroup Inc. acquisition of Wachovia’s banking operations, which was announced earlier this week.
Wells Fargo’s acquisition of Wachovia Corporation has been unanimously approved by the boards of both companies. The agreement still requires approval of Wachovia shareholders and customary approvals of regulators. Once these approvals are secured, it is expected that any assets that were held in deposit accounts at Wachovia, will be held in deposit accounts at Wells Fargo. Importantly, the Federal Deposit Insurance Corporation has indicated that under either the Wells Fargo proposal or the Citigroup, Inc. proposal, “all banking customers of the merged institutions would be fully covered with no disruptions in service.” SEI has enjoyed longstanding relationships with both Wells Fargo and Citigroup as clients of our wealth processing services.
SEI is examining the implications, if any, that this acquisition will have on our operations. At this time, we are not aware of any modifications to our normal operating procedures. Our clients should therefore continue to interact with SEI per normal procedure. SEI will continue to work with Wachovia and Wells Fargo to understand the acquisition and its effects, if any, on our operations, and will continue to keep our clients, shareholders, and employees informed throughout this process.
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 release from Wells Fargo at the web address below.
https://www.wellsfargo.com/downloads/pdf/press/WFC_WB_100308.pdf
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