2 Banks Said to Be Trying to Raise More Capital |
| New York Times - Apr 21, 2008 |
The second week of earnings opens on Monday for the nation’s banks with at least two — Bank of America and the National City Corporation — looking for ways to raise fresh capital.
The nation’s 10th-largest bank, the National City Corporation, plans to raise at least $6 billion from a sale of common shares to a consortium of investors after failing to sell itself, a person briefed on the negotiations said on Sunday night.
The plan, which involves selling the shares at $5 each to a group led by the private equity firm, Corsair Capital, is scheduled to be announced on Monday, this person said. National City, which is based in Cleveland, is expected to move up its earnings report to go along with the announcement.
Read Full Article from New York Times
- Posted: 2008-04-21 08:57:41
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