Healthcare lending leader Citigroup acquires Wachovia

The market turmoil has wreaked yet another change in the financial landscape for healthcare financial managers with the acquisition of banking company Wachovia by healthcare lending colossus Citigroup for $2.16 billion. The acquisition, part of an industry reorganization that could expand substantially, consolidates the healthcare lending market just a bit further. It leaves untouched Wachovia's brokerage operations, however, which weren't part of the deal.

Citigroup, at present, ranks as the largest manager of tax-exempt bonds, with a full one-fifth of the market, according to Thomson Reuters. The buyout comes one week after Bank of America agreed to pick up Merrill Lynch in a $50 billion stock deal. Stay tuned for more consolidation to come--we'll keep you posted.

To learn more about the acquisition:
- read this Modern Healthcare piece (reg. req.)
- read this piece from FierceFinance