The American bank SUNTRUST has announced that it is to make a unsolicited public exchange of shares for a total of $14.7 bn for its rival WACHOVIA, which had already concluded a merger agreement with another bank, FIRST UNION (see EI of 18 April). Should WACHOVIA finally accept this deal, the new entity would be the depository of $180 bn in assets, placing it number nine for banks in the United States.