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Citigroup blocks Wachovia sale

CitiGroup - Secures court order
CitiGroup - Secures court order

American banking giant CitiGroup, has said it has won a court order temporarily blocking the sale of the troubled bank Wachovia to a rival.

CitiGroup accuses Wells Fargo of trying to frustrate its plan to acquire Wachovia's banking operation for $2.2 billion (€1.59bn)

Financial analysts say the underlying battle is over which bank will emerge the stronger from the financial crisis.

Last week, Wachovia announced it was being bought by Wells Fargo.