National City (NCC) Holds 'Hidden' $1B Stake in Visa (V)
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Bloomberg is reporting that National City (NYSE: NCC) has a, surprisingly, $1 billion stake in Visa (NYSE: V) which does not get acccounted for on its balance sheet. Although National City sold Visa stock as it went public, gaining $532 million, the bank still holds about 19.7 million Class B shares. According to the report, National City does not need to disclose its stake as "sales are restricted". Bloomberg estimates that its remaining stake is worth about $1 billion.
Shares of National City are currently up $0.10, or about 2%, to $4.98.
National City Corporation, a financial holding company, provides commercial and retail banking, mortgage financing and servicing, consumer finance, and asset management services in the United States.
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