Warren Buffett's Berkshire Hathaway Inc has applied to increase its ownership stake in Wells Fargo & Co past the 10 percent level that could prompt increased regulatory scrutiny, the Federal Reserve said on its website on Friday.
As of March 31, Berkshire was Wells Fargo's largest investor, with a 9.45 percent stake held mainly through subsidiaries, according to Berkshire and Reuters data.
Wells Fargo is based in San Francisco, and is the third-largest U.S. bank by assets.
Berkshire wants to add to its stake for investment purposes, does not have a dollar amount in mind, and does not plan significant changes to the bank's strategy or changes to its board, Bloomberg News reported, citing the June 14 application.
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As of March 31, Berkshire was Wells Fargo's largest investor, with a 9.45 percent stake held mainly through subsidiaries, according to Berkshire and Reuters data.
Wells Fargo is based in San Francisco, and is the third-largest U.S. bank by assets.
Berkshire wants to add to its stake for investment purposes, does not have a dollar amount in mind, and does not plan significant changes to the bank's strategy or changes to its board, Bloomberg News reported, citing the June 14 application.
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