Report: National City Looking for Buyer
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Updated: 2:00 PM Oct 9, 2008
Report: National City Looking for Buyer
The Wall Street Journal says a Canadian bank is among the possible buyers.
Posted: 1:38 PM Oct 9, 2008
Reporter: Associated Press
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National City Corp. isn't talking about a report that it's looking for a buyer.
The Wall Street Journal cites unnamed sources in reporting Thursday that National City is in talks with several banks.
The newspaper says Pittsburgh-based PNC Financial Services Group Inc. and Toronto-based Bank of Nova Scotia are among the potential buyers.
National City spokeswoman Kristen Baird Adams doesn't deny that the bank is looking for a buyer. She says the bank doesn't comment on rumors and speculation.
National City has been hit hard by high-risk mortgage loans and arranged a $7 billion capital infusion in April.
Shares of National City are up 10 percent Thursday at $2.46 but are down from a 52-week high of $25.93.


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