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Article: National City Issues Additional Information Regarding Sale of Corporate Trust Bond Administration Business.
- Article from:
- PR Newswire
- Article date:
- May 26, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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National City Corporation has issued additional information regarding yesterday's release announcing the sale of its Bond Administration business. The company has clarified that the $34 billion referenced in the release as "assets under administration" relates to the principal amount outstanding for issues on which National City serves as trustee. The amount of National City's assets under administration, as defined for regulatory and financial reporting purposes, transferred through this transaction is approximately $11.1 billion. Initially, National City will retain approximately $1.6 billion of managed assets connected to the business being sold. As further ...