Big Banks Cash In On MasterCardIPO

PURCHASE, N.Y. - (07/24/06)–May’s initial publicoffering by MasterCard Worldwide proved lucrative for thenation’s largest banks, the biggest owners in the cardscompany. Quarterly financials reported last week showed that JPMorgan Chase, which had held a 10.6% stake in MasterCard before theIPO, sold off about half of its stake and earned $103 million, foran after-tax gain of $64 million. The biggest winner was Citicorp,the nation’s largest financial institution sold off some ofits 9% stake for a gain of $121 million. Bank of America sold downits 6.4% stake and earned $37 million; US Bancorp netted $35million; Fifth Third Bancorp $35 million; Capital One Financial$20.5 million; and KeyBank earned $9 million;