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Citigroup in talks to buy Chevy Chase Bank: report

Thu Nov 13, 2008 1:02am EST
A Citibank sign is seen on the side of a branch in New York, October 8, 2008. REUTERS/Lucas Jackson

(Reuters) - Citigroup Inc is in talks to buy U.S. regional lender Chevy Chase Bank FSB, which operates in the mid-Atlantic region, the Wall Street Journal said.

Citigroup is one of a number of bidders for Chevy Chase, and it isn't clear the New York bank will walk away with a deal, the paper said.

Chevy Chase Bank, based in Bethesda, Maryland, has more than 285 branches, mostly in the Washington metropolitan area.

Last month, Citigroup lost out in its bid for Wachovia Corp, which was acquired by Wells Fargo & Co.

Citigroup and Chevy Chase Bank could not be immediately reached for comment.

(Reporting by Ajay Kamalakaran in Bangalore)


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