2.21.2008

Kovacevich: WFC on the hunt!

Wells Fargo May Increase Acquisitions, Chairman Says

Excerpt:

Wells Fargo & Co., the biggest bank on the U.S. West Coast, will increase acquisitions this year, and the targets are likely to be larger than the banks bought recently, Chairman Richard Kovacevich said.

Wells Fargo may acquire about 15 companies in the coming year because prices have declined to reasonable levels, Kovacevich said during a Bloomberg TV interview today. The bank, ranked second among U.S. mortgage lenders, also expects real- estate prices to fall another 10 percent before bottoming out, he said.

Comment: Sounds like it won't be a major bank. I would think that BBT, National City Corp, or Sun Trust would be good targets.

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