Midland Bank may retain a Crocker Bank unit.

The London bank, which agreed last month to sell Crocker to Wells Fargo & Co. for $1.08 billion, wants to keep Crocker's primary government bond dealing operation, which employs 23 people. Under Midland's agreement with Wells Fargo, Midland has the right of first refusal to any Crocker operation that Wells does not want, a Wells spokeswoman said. She added that Wells has not yet determined whether it wants to be a primary dealer of government bonds, a role that is coveted by many foreign financial institutions.

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