The investment management unit of $74.9 billion-asset PNC Bank Corp. has filed for an initial public offering of its common stock. In a registration statement with the Securities and Exchange Commission on Tuesday, BlackRock Inc. of New York said it planned to use the net proceeds to repay a portion of outstanding debt under a $175 million revolving line of credit with PNC Bank.

The bank said in a statement that it would retain a majority ownership position in the publicly traded firm.

BlackRock had $140.2 billion of assets under management as of March 31. PNC acquired the firm in 1995.

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