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Cleveland bank looking to sell itself rival
A battered bank in the midwest is thinking about being picked up by its rival. Cleveland-based National City Corp. operates in nine states. The bank's been hit hard by the housing downturn. The Wall Street Journal reports this morning National City is looking at selling itself to Key Corp., also based in Cleveland. Earlier this week National City hired Goldman Sachs as its adviser. If the deal goes through, sources say private equity firm KKR would step in with a capital infusion.
Posted by Lori Stassi on April 2, 2008 6:38 AM PT | Permalink
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