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Article: Nat City Selling Its Stake In Ky. Advisory Boutique.(National City Corp., National Asset Management Corp.)(Brief Article)
- Article from:
- American Banker
- Article date:
- March 2, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. 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 Corp. said Thursday it has an agreement to sell its interest in a Louisville, Ky., investment advisory boutique to a wholly owned subsidiary of Amvescap PLC, a London asset management company, for an undisclosed price.
National City of Cleveland said it would record a second-quarter gain of $85 million to $95 million on the prospective sale of its remaining portfolio of preferred stock in National Asset Management Corp.
The deal is scheduled to close in May.
The gain would amount to 9 to 10 cents per share after taxes and would more than offset a charge of $40 million, or 7 cents per share, that $89 billion-asset National City is ...