M&I sees Q4 charge-offs of $195 mln

lunedì 17 dicembre 2007 15:00
 

Dec 17 (Reuters) - Marshall & Ilsley Corp MI.N, Wisconsin's largest bank, said it expects charge-offs of up to $195 million and loan loss provision of up to $235 million in the fourth quarter.

The company also incurred a one-time, after-tax charge of $48 million related to the retirement of $1 billion of Puttable Reset Securities. It expects to recover this charge through lower financing costs over the next about three years.

On Nov. 1, the separation of Metavante Technologies unit from M&I was completed resulting in a gain to M&I of $526 million, the company said. (Reporting by Purwa Khandelwal in Bangalore; Editing by Amitha Rajan)