National City in sale talks: report

Thu Oct 9, 2008 7:27am EDT

Related Topics

(Reuters) - Regional bank National City Corp NCC.N is in talks with a number of banks about a possible sale, the Wall Street Journal said, citing people familiar with the situation.

PNC Financial Services Group Inc (PNC.N) and Toronto-based Bank of Nova Scotia (BNS.TO) are among the potential bidders, the paper added.

National City and PNC declined to comment and Bank of Nova Scotia couldn't be reached, the paper added.

National City did not immediately return a call from Reuters seeking comment, while PNC and Bank of Nova Scotia could not immediately be reached for comment.

National City had said in late September it had no plan, intention, or need to raise additional capital, or the need to undertake any particular transaction because of insufficient capital.

Shares of the big Ohio-based bank have plummeted over 85 percent so far this year as the regional bank sector suffers from a crisis of confidence, even as Citigroup Inc (C.N) and Wells Fargo & Co (WFC.N) spar over another regional bank Wachovia Corp WB.N.

(Reporting by Savio D'Souza in Bangalore; Editing by David Holmes)

FILED UNDER: