Citigroup (C) joins the long list of rumoured suitors:
WSJ: Citigroup Inc., moving to take advantage of the turmoil that is hobbling banks throughout the U.S., is considering making a bid for Washington Mutual (WM), according to people familiar with the situation.
…Citigroup and several other banks are reviewing the Seattle thrift-holding company’s books, which are packed with shaky mortgages, people familiar with the matter said Thursday. Other interested parties include Banco Santander SA, of Spain, and Wells Fargo & Co., of San Francisco. J.P. Morgan Chase & Co., which was spurned by WaMu earlier this year, is biding its time on a potential bid, people close to J.P. Morgan said.
Spokesmen for all those banks declined to comment.
Citigroup has lost billions in the credit crunch, but, owing to its tremendous size and deposit base, as well as a recent move to raise $40 billion in additional capital, is in a relatively strong capital position. Adding WaMu to the mix would expand Citi’s share in the Pacific Northwest, a region where it doesn’t enjoy strong market share.
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