NEW YORK, Jan 1 (Reuters) - Wells Fargo & Co (WFC.N) said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia's huge book of mortgage and real estate loans. The merger closed on Wednesday and more than doubles the size of Wells Fargo, creating the fourth-largest U.S. bank by assets. Wells Fargo also has the nation's largest branch network, with more than 6,600 offices in 39 states and Washington, D.C., and one of its largest retail brokerages. San Francisco-based Wells Fargo agreed on Oct. 3 to buy Wachovia, beating out a smaller bid by Citigroup Inc (C.N) for part of Wachovia. Citigroup's bid included government backing, while Wells Fargo's did not. Wells Fargo said Wachovia branches will keep their brand name at least for the "near future."
NEW YORK, Jan 1 (Reuters) - Wells Fargo & Co (WFC.N) said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia's huge book of mortgage and real estate loans.
The merger closed on Wednesday and more than doubles the size of Wells Fargo, creating the fourth-largest U.S. bank by assets. Wells Fargo also has the nation's largest branch network, with more than 6,600 offices in 39 states and Washington, D.C., and one of its largest retail brokerages.
San Francisco-based Wells Fargo agreed on Oct. 3 to buy Wachovia, beating out a smaller bid by Citigroup Inc (C.N) for part of Wachovia. Citigroup's bid included government backing, while Wells Fargo's did not. Wells Fargo said Wachovia branches will keep their brand name at least for the "near future."
Jan. 1 (Bloomberg) -- Merrill Lynch & Co.'s 95-year run as an independent company is coming to an end as Bank of America Corp. completed its acquisition of the broker for about $33 billion in stock. Bank of America, the biggest U.S. home lender, closed the purchase today, the Charlotte, North Carolina-based company said in a PRNewswire statement. Scana Corp., South Carolina's biggest utility owner, will replace New York-based Merrill Lynch in the Standard & Poor's 500 Index. Merrill Lynch was founded by Charles E. Merrill in January 1914 and evolved into the world's biggest brokerage, with an army of 17,000 financial advisers. After more than $50 billion of losses and writedowns tied to the collapse of the U.S. subprime mortgage market, Merrill agreed in September to a sale, escaping the fate of bankrupt Lehman Brothers Holdings Inc.
Jan. 1 (Bloomberg) -- Merrill Lynch & Co.'s 95-year run as an independent company is coming to an end as Bank of America Corp. completed its acquisition of the broker for about $33 billion in stock.
Bank of America, the biggest U.S. home lender, closed the purchase today, the Charlotte, North Carolina-based company said in a PRNewswire statement. Scana Corp., South Carolina's biggest utility owner, will replace New York-based Merrill Lynch in the Standard & Poor's 500 Index.
Merrill Lynch was founded by Charles E. Merrill in January 1914 and evolved into the world's biggest brokerage, with an army of 17,000 financial advisers. After more than $50 billion of losses and writedowns tied to the collapse of the U.S. subprime mortgage market, Merrill agreed in September to a sale, escaping the fate of bankrupt Lehman Brothers Holdings Inc.
