MILWAUKEE Marshall & Ilsley Corp. announced Wednesday that it is withdrawing an initial public offering for its Metavante Corp. subsidiary.
M&I blamed the decision on a combination of adverse market conditions and a slowdown in financial-account-processing markets. It said it expects to continue to invest in Metavantes business and will evaluate growth strategies for the subsidiary as circumstances permit.
Marshall & Ilsley is a diversified financial services company with assets of $25.2 billion. It has more than 200 offices throughout Wisconsin, as well as retail sites in Arizona, Nevada, and Florida.