Green light for CIT's US$3.4b OneWest acquisition
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Washington
CIT Group Inc's US$3.4 billion acquisition of OneWest Bank has won approval from US regulators after being delayed for almost a year amid complaints that the combination could create another too-big-to-fail lender.
The merger, one of the biggest in the banking industry since the 2008 credit crisis, will result in a combined business called CIT Bank, according to statements on Tuesday from the Office of the Comptroller of the Currency (OCC) and Federal Reserve.
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