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WACHOVIA ONLINE

February 16, 2011 by staff 

WACHOVIA ONLINE, Wachovia, a subsidiary of Wells Fargo is a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo, Wachovia was the fourth largest bank holding company in the United States based on total assets. The purchase of Wachovia Corp. by Wells Fargo and Company was completed on December 31, 2008. Wells Fargo acquired Wachovia after a forced sale by the government to avoid a failure of Wachovia.

Starting in 2009, the brand is absorbed by the Wachovia brand Wells Fargo in a process that is initially expected to last three years. In July 2009, Wachovia Securities Wells Fargo became Advisors. The merger of Wachovia and Wells Fargo bank charters was completed March 20, 2010.

As an independent company, Wachovia offers a wide range of banking, asset management, wealth management and banking products and investment and services (many of these sectors have been converted or are in the process of conversion, management and branding under Wells Fargo). At its peak, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, DC, with locations from Connecticut to Florida and west California. Wachovia provides global services through more than 40 offices worldwide.

He served the retail brokerage clients under the name of Wachovia Securities nationally and in six Latin American countries, and clients of investment banking in selected industries nationwide. In 2009, Wachovia Securities was the first company to Wachovia converted to the Wells Fargo when the Company became Wells Fargo Advisors. Wachovia has also operated Calibre, its wealth management services to ultra high net worth families with net worth above 25 million. In 2010, the class has been renamed the Wells Fargo family heritage.

Markets, equity and institutional firms and groups of investment banking services operate under the Wachovia Securities brand, while its asset management group operated under the name Evergreen Investments until 2010, when the fund family Evergreen merged with Wells Fargo Advantage Funds, institutional and high net worth products merged with Wells Capital Management and its affiliates.

Wachovia’s private equity arm operated as Wachovia Capital Partners. In addition, the group lending based on assets under management as Wachovia Capital Finance.

While Citigroup was providing liquidity to Wachovia, which allowed continuing operating, Wells Fargo and Wachovia announced October 3, 2008; they had agreed to merge in a stock transaction requiring no FDIC involvement, apparently to destroy Citigroup face. Wells Fargo announced it had agreed to acquire all of Wachovia for 15.1 billion in stock. Wachovia Wells Fargo preferred case, as it would be useful addition to the agreement and Citigroup kept its business intact. Also, there is much less overlap between the banks, like Wells Fargo is dominant in the West and Midwest over the footprint of redundant Wachovia and Citibank along the East Coast and South. Boards of both companies have unanimously approved the merger on the night of October 2.

Citigroup to explore their legal options and demanded that Wachovia and Wells Fargo cease discussions, saying that Wells Fargo engaged in “tortious interference” with an exclusivity agreement between Citigroup and Wachovia. The agreement states in part that, until October 6, 2008 “Wachovia is not and shall not permit any of its subsidiaries or its or their officers, directors, [...] [...] to take measures to facilitate or encourage the submission of any acquisition proposal. “.

Citigroup convince Judge Charles E. Ramos of the New York State Supreme Court granted a preliminary injunction temporarily blocking Wells Fargo Case. Judge James M. McGuire of the New York State Court of Appeal later overturned this decision, in part because it believed that Ramos had no right to rule on the case in Connecticut.

[via wikipedia and various online sources]

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