Five banks exploring WaMu records

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Five banks exploring WaMu records
By Saskia Scholtes in New York

Published: September 18 2008 20:19 | Last updated: September 18 2008 23:53

Five banks have come forward to evaluate Washington Mutual’s financial records as part of an auction process run by WaMu’s adviser, people familiar with the matter said on Thursday.

WaMu shares rose 14 per cent on Thursday after news it had put itself up for sale. The five banks that have looked through the WaMu materials include JPMorgan Chase, Wells Fargo, Citigroup, HSBC and Banco Santander, the people familiar said. It was unclear whether any of them intended to make an offer for WaMu.

Full coverage: Global financial crisis - Sep-16Morgan Stanley in talks with CIC - Sep-18TPG clears way for WaMu sale - Sep-17Lex: WaMu’s downgrades - Sep-16WaMu faces price to keep deposits - Sep-16Battered WaMu tries to calm jitters - Sep-12Goldman Sachs is conducting the auction for Seattle-based WaMu, which is the sixth largest US bank, with $310bn in assets.

JPMorgan and Wells Fargo both declined to comment. Citi, HSBC and Santander were not available for comment.

JPMorgan made an offer for WaMu this spring but was rebuffed. JPMorgan may be waiting to see whether the auction heats up before determining whether to bid for WaMu’s assets now or try to buy pieces of the bank more cheaply later, sources close to the matter said