Fed approves Citigroup's purchase of EAB

US - Federal banking regulators approved Citigroup Inc.'s $1.6 billion purchase of European American Bank, a deal designed to expand Citibank's presence in the New York metropolitan area.

The vote was 5-0 on 2 July by the Federal Reserve's board of governors, who determined that the merger wouldn't threaten competition. EAB operates only in New York state, with branches in New York City and on Long Island. The Office of the Comptroller of the Currency, a division of the Treasury Department, al

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