Citigroup Inc. is
reportedly in the hunt for Chevy Chase Bank, but is it possible that the
recent meltdown in its stock price could keep it out of the running? With Citigroup under siege, other bidders for Chevy Chase are apparently lining up.
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Other possible bidders for the bank include J.P. Morgan Chase & Co.,
Capital One Financial Corp., SunTrust Banks Inc. and BB&T Corp.,
according to
Reuters.
Citi would like to
purchase
Chevy Chase in order to gain a presence in the Washington area,
with the bank's 200 local branches. Chevy Chase's $10.63 billion in local
deposits will also come in handy too. If Citigroup does lose the bidding war for the bank, it will be the second bank Pandit would have failed to acquire in only three months after a losing bid for Wachovia Corp.
- Maria Woehr
