Newspaper wrap-up: National City expected to receive $6B-plus capital infusion
Posted Apr 21st 2008 8:57AM by Laurie Pasternack
Filed under: Newspapers, Magazines, Bank of America (BAC)
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MAJOR PAPERS:
- Private equity firm Corsair Capital and several of the banks bigger shareholders are expected to inject over $6B into Cleveland regional bank National City Corporation (NYSE: NCC), the Wall Street Journal reported.
- According to sources, the Financial Times reported that Bank of America Corporation (NYSE: BAC) is planning to sell a portion of its 9% stake in China Construction Bank in order to raise capital. However, Bank of America will offset some of the share sales by exercising options it holds to buy additional stakes in the bank at levels that are now well below market rates.
OTHER PAPERS:
- The UK Times said The Royal Bank of Scotland Group Plc (NYSE: RBS) confirmed that it is considering a rights issue that is expected to raise up to GBP10B for the British bank.
- The UK Telegraph reported that the BBC is talking to private equity firms to join in a bid for Virgin Media Inc's (NASDAQ: VMED) Virgin Media Television, which owns a percentage of the UKTV content business that the BBC doesn't already own.
Tags: BAC, bank of america, BankOfAmerica, BBC, China Construction Bank, ChinaConstructionBank, Corsair, Corsair Capital, CorsairCapital, National City, NationalCity, NCC, RBS, rights issue, RightsIssue, Royal Bank of Scotland, RoyalBankOfScotland, Virgin Media, VirginMedia, VMED
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