Thursday, Apr 19, 2018
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National City mum on talk of sale

CLEVELAND National City Corp. isn't talking about a report that it's looking for a buyer.

The Wall Street Journal cites anonymous 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 wouldn'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 was forced to arrange a $7 billion capital infusion in April.

Shares of National City were up about 5 percent Thursday at $2.35 but are down from a 52-week high of $25.93.

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