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 Metavante’s 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.

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