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And some of the more recent bank mergers are among the biggest in the U.S. On Feb. 19, Capital One announced that it’s acquiring Discover Financial Services for $35.3 billion which, if approved ...
The banking industry probably isn't something you think about unless it's in the news. Likewise, banks may seem like permanent fixtures, but many of them change or merge with other banks for a ...
Bank mergers can happen for many reasons in normal business: for example, to create a single larger bank in which operations of both banks can be streamlined; to acquire another bank's brands; or due to regulators closing the institution due to unsafe and unsound business practices or inadequate capitalization and liquidity. Banks may not go ...
Highlighting the risk of the merger drive creating bigger troubled banks, Liaoshen Bank inherited large amount of soured assets from the acquisition of two smaller banks, resulting in its bad loan ...
Chart of U.S. bank mergers. This 2012 chart shows some of the mergers noted above. Solid arrows point from the acquiring bank to the acquired one. The lines are labeled with the year of the deal and color-coded from blue (older) to red (newer). Dotted arrows point to the final merged entity.
This triggered a spate of international mergers, creating companies so vital to the running of the global financial system that they were "too big to fail". Investment losses in the financial crisis of 2007–2008 threatened to bankrupt these systemically important banks and national governments felt obliged to bail them out at great cost.
Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia. [14] The merger created a coast-to-coast super-bank with $1.4 trillion in assets and 48 million customers and expanded Wells Fargo's operations into nine Eastern and Southern states.
Treasury Secretary Janet Yellen said there might potentially be more bank mergers this year, due to higher interest rates and the recent regional bank turmoil, which is making it more expensive for...