MILWAUKEE - Marshall & Ilsley Corp. said Thursday that it has filed for an initial public offering of its M&I Data Services unit.
The banking company also reported that its own second-quarter earnings were $90.3 million. Earnings per share were 83 cents, up 7.8% from a year earlier.
Marshall & Ilsley, which has $25 billion of assets, will own about 85% of the stock the new company, Metavante Corp. Joseph Delgadillo will remain president and chief executive officer.
The banking company expects to distribute all the Metavante shares to its own shareholders within a year after the IPO.
"Being its own publicly held company will give Metavante the ability to compete even more effectively in the marketplace," said James Wigdale, chairman of Marshall & Ilsley, in a news release.
Metavante provides data processing services and software to more than 3,200 financial institutions. It is the second-largest provider of electronic bill payment services, after CheckFree Corp. of Atlanta.
Donaldson, Lufkin & Jenrette, Citigroup Inc.'s Salomon Smith Barney, and UBS Warburg will manage Metavante's offering.