Green light for CIT's US$3.4b OneWest acquisition

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.