National City posts loss, to raise $7 billion
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Mon, 21 Apr 2008 13:32:07 GMT |
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Reuters |
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NEW YORK (Reuters) - National City Corp , a large U.S. Midwest regional bank, posted a first quarter loss on Monday after a large loan loss provision , reduced its dividend and said its board approved the raising of $7 billion of equity capital.The Cleveland-based bank posted a net loss of $171 million, or 27 cents per share, after a loan loss provision of about $1.4 billion, compared with a profit of $319 million, or 50 cents per share, in the year-earlier period.The capital raise includes $985 million of private equity capital from Corsair Capital and one other private equity investor. The balance is being purchased by other investors, including several of National City's largest current institutional stockholders.(Reporting by Paritosh Bansal, editing by Gerald E. McCormick)
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