Report: National City Seeking Buyer

by Rick Howlett on October 9, 2008

National City Corporation is reportedly in talks with several potential buyers.

A report in the Wall Street Journal today Thursday said the suitors may include Pittsburgh-based PNC Financial Services Group and Bank of Nova Scotia, based in Toronto.

Cleveland-based National City is the largest bank in Kentucky when measured by deposits.

Indiana University Southeast business professor Uric Dufrene says National City has been hit hard by high-risk mortgage loans but would still be an attractive buy.

“Along with it would come a very strong deposit base and there is right now I think certainly we’re going to see a trend where banks in general are going to rely more on deposits than on other means of financing,” Dufrene said.

National City officials declined to comment on the Wall Street Journal report.

 

 

 

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