Wells Fargo owns Wacovia

Wacovia administrated a number of 40 offices running in different countries including Europe and Latin America. In the late 2008 Wacovia was forced to solve a series of financial problems that obligated the company to find a buyer and try to stay active on the market using the help from another company. A little earlier before Wacovia started to find a buyer, the IRS released a notice offering reduced taxes for the companies that decide to buy banks in very difficult financial situation. The acquisition of Wacovia offered the chance Wells Fargo to survive the ruff financial period with the total confidence that the company will handle all its obligations to its customers. At the end of 2010 Wells Fargo officials made an announcement that the company will give Citigroup an amount of   to give up the law suits  between the two companies which are occurring since the Wacovia purchase by Wells Fargo in 2008. Citigroup was very determined to purchase  Wacovia but the surprising events caused by the business agreement between Wacovia and Wells Fargo made a big change of plans.