The acquisition by Wells Fargo & Company of Wachovia Corporation, which secured Federal Reserve System approval Sunday, puts the company on track to be the fourth-largest insurance broker in the United States, a consultant said.

The deal, which was worth more than $15 billion at the time of its announcement when Wells Fargo was trading at $35.16 a share on Oct. 2, would not only merge the two companies banking operations but also bring together the insurance brokerage operations, something an earlier deal between Charlotte, N.C.-based Wachovia and Citigroup Inc. would not have done.

Robert J. Lieblein, managing partner with Hales & Company in Harrisburg, Pa., called it “a great opportunity” for Wells Fargo to expand its footprint and put itself in place as not only the largest bank-owned insurance brokerage firm, but also the fourth largest insurance broker in the United States surpassing Arthur J. Gallagher.

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