JP Morgan to Acquire Washington Mutual Assets
September 25, 2008
Though it seems a final deal has yet to be finalized, it seems JP Morgan Chase will be suitor for Washington Mutual, or at least a portion of its operation according to multiple reports. Washington Mutual put itself up for auction last week, and a number of banks came forth to evaluate it, including Citigroup, HSBC, and JP Morgan Chase.
Washington Mutual, despite being mired in bad debt and writedowns still is a bank with a strong and well-located branch network. It was clear that to anybody looking to “head west” and establish themselves in key markets like California, Washington Mutual would be a likely target. What exactly Chase will be acquiring will remain to be seem, but it is very likely that the retail branch network, at least in key west coast markets, will be a part of that deal.
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Tags: Banking, Chase, Citibank, Citigroup, HSBC, JP Morgan, Merger, Retail, washington mutual
While I saw this one coming from a long way off, I’m surprised to hear that the word on the street is that Wachovia may be next. Boy are they dropping like flies! I’m urging my risk-averse clients that own bank-occupied real estate to consider selling now.