Wells Fargo bids for Wachovia

Wells Fargo, a US bank, looks set to snag Wachovia from Citigroup, the world's biggest lender, after offering $15.1 billion for the troubled bank. The move could see the Federal Deposit Insurance Corporation (FDIC), which manages the US's deposit insurance fund, cleared of any liability for Wachovia's loans.

Under the terms of Citigroup's buyout, which was agreed in the early hours of Monday morning, the FDIC would have been liable to share losses on a $312 billion pool of loans.

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