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National City Close to Investment Deal

Topics:Credit | Subprime Lending | Mortgages | Banking

Sectors:Financial Services | Banks

Companies:National City Corp

By: Reuters | 21 Apr 2008 | 04:15 AM ET

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A group of investors led by private equity firm Corsair Capital is close to a deal to invest between $6 billion and $7 billion into National City, the 10th-largest bank in the United States, a source familiar with the transaction said Sunday.

INVESTOR TAKEAWAY

If a deal is struck, it could be announced as early as Monday, the source said.

Such a deal would likely see the investors end up with a stake of around 50 percent in National City [NCC Loading... () ], with Corsair owning around 9.9 percent, the source said.