Bank of America, PND make largest public offering of the year



BlackRock announced Tuesday that its stakeholders, Bank of America and PNC Financial Services Group, will sell $8.3 billion worth of the New York City-based investment management group's shares - marking the largest public offering of the year.

The 51.1 million shares are up from last week's promise of 48.3 million - an increase reflecting heightened investor demand. BlackRock will not receive any proceeds from the sales exchanges.

The offering is hoped to bring new profits to Bank of America, which last month announced a loan of $25.9 billion to small businesses in the third quarter - an investment the New York City-based bank hopes will encourage small business owners to go ahead and file for an LLC or corporation.

"While we continue trying to make every good loan we can, demand for new credit among smaller businesses remains limited," said David Darnell, BOA president of global commercial banking. "Business owners instead have told us their greatest need is more demand for their goods and services."

But other recent reports have suggested it is not credit that small businesses need. Rather, an incentive to spend is what is expected to pull the stagnant economy out of its stalled growth.

Tags : financial management, incorporation news, ny, small business management
Posted: Nov 9th, 2010
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