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Banking regulators OK merger of OneWest with CIT Group

Banking regulators OK merger of OneWest with CIT Group

Federal regulators approved a New York lender's controversial $3.4-billion takeover of Pasadena's OneWest Bank, a deal that would create a hybrid company with a national commercial lending business and 70 retail branches in Southern California. The decision, announced Tuesday, overcame objections that the deal with CIT Group Inc. would create another too-big-to-fail bank and that the combined operation wouldn't serve the needs of its poorer and minority neighbors. The approval also marks a triumph for an investor group that includes billionaire computer entrepreneur Michael Dell and hedge fund operators George Soros and John Paulson. The group was led by Steven Mnuchin,...

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