Citigroup intends to use the harsh climate in the financial markets to seek out opportunistic acquisitions, according to Gary Crittenden, chief financial officer. The plan stands in spite of Citi losing out on its bid to acquire Wachovia.
On a conference call to discuss Citi’s third-quarter loss of $2.8bn (€2bn), Mr Crittenden said Citi had explored three acquisitions in recent weeks, two of which had been publicly disclosed. In addition to Wachovia, Citi was known to be interested in Washington Mutual, a failing bank that was gobbled up by JPMorgan Chase in late September.
He would not divulge the identity of the third bank, but it is rumoured to be a major regional bank such as National City.
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