The US Office of the Comptroller of the Currency on Tuesday said it had granted conditional approval to merge Cit Bank into OneWest Bank into a combined bank named CIT Bank.
U.S. small-business lender CIT Bank said last year it would buy California bank OneWest Bank NA for $3.4 billion in cash and stock, a deal that will give CIT a more reliable source of funding.
The approval came after the regulator considered a batch of public comments, the OCC said.
Full content: The New York Times
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