National City mum on talk of sale
10/9/2008CLEVELAND 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.