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FDIC's Bair sees Wachovia resolution today

WASHINGTON
Mon Oct 6, 2008 1:42pm EDT
A Wachovia banking branch is seen in Manhasset, New York, October 6, 2008. REUTERS/Shannon Stapleton

A Wachovia banking branch is seen in Manhasset, New York, October 6, 2008.

Credit: Reuters/Shannon Stapleton

WASHINGTON (Reuters) - The chairman of the Federal Deposit Insurance Corp said she believed there would be a resolution to the battle for Wachovia Corp on Monday.

"We're all working together with regulators...to come to a solution and outcome that serves the public interest, and I think we will have one today," Sheila Bair said at a banking economics conference.

Wells Fargo & Co said on Friday it would buy Wachovia in a deal worth close to $15 billion, topping Citigroup Inc's earlier bid just for Wachovia's banking assets, which was backed by the FDIC.

Bair said the FDIC was not involved in settling the dispute but said the agency was talking to the parties involved.

(Reporting by Karey Wutkowski, editing by Leslie Gevirtz)


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