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Friday, September 26, 2008

More Wachovia Suitors

by Calculated Risk on 9/26/2008 05:36:00 PM

Stop me if you've heard this story before ...

From the WSJ: Wachovia Explores Sale

Wachovia Corp. has entered into preliminary discussions with a handful of potential suitors, including Banco Santander SA of Spain, Wells Fargo & Co. and Citigroup Inc., according to a person familiar with the situation.
Wachovia declined to comment on the discussions. Earlier Friday, a spokeswoman said the bank is "aggressively addressing our challenges" and "working to strategically strengthen and manage capital and liquidity in this challenging environment." The bank's deposit base, stretching from California to the Northeast, is "large and stable," the Wachovia spokeswoman added.
Anyone else feeling a little deja vu?
S&P acknowledged that WaMu's deposit base appears to be stable and the company has enough liquidity to meet all fixed obligations throughout 2010.
Financial Times, Sept 16, 2008